Which of the Following Statements About the Last-In,first-Out (LIFO)assumption Is

Multiple Choice

Which of the following statements about the last-in,first-out (LIFO) assumption is true?

A) LIFO assumes that inventory on hand consists of the oldest units.
B) LIFO results in newer costs appearing in the balance sheet.
C) LIFO assumes the items sold are those purchased first.
D) None of the answers provided.