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Which inventory valuation method uses the most recent costs for the cost of good

Practice Questions

Q1
Which inventory valuation method 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

Which inventory valuation method uses the most recent costs for the cost of goods sold?
  • Step 1: Understand that inventory valuation methods are ways to calculate the cost of goods sold (COGS).
  • Step 2: Learn about the LIFO method, which stands for Last In, First Out.
  • Step 3: Realize that LIFO assumes the most recently purchased items are sold first.
  • Step 4: Conclude that because LIFO uses the latest costs for the items sold, it reflects the most recent costs in the COGS.
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