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What method of inventory valuation uses the most recent costs for the cost of go

Practice Questions

Q1
What method of inventory valuation uses the most recent costs for the cost of goods sold?
  1. FIFO
  2. LIFO
  3. Weighted Average
  4. Specific Identification

Questions & Step-by-Step Solutions

What method of inventory valuation uses the most recent costs for the cost of goods sold?
  • Step 1: Understand that inventory valuation is how a company values its inventory and calculates the cost of goods sold.
  • Step 2: Learn about different methods of inventory valuation, such as FIFO (First In, First Out), LIFO (Last In, First Out), and Weighted Average.
  • Step 3: Identify that LIFO means the most recently purchased items are sold first.
  • Step 4: Realize that because LIFO uses the latest costs for the items sold, it reflects the most recent prices in the cost of goods sold.
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