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Which inventory valuation method uses the most recent costs for the cost of goods sold?

Practice Questions

1 question
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

1 item
Q
Q: Which inventory valuation method uses the most recent costs for the cost of goods sold?
Solution: LIFO (Last In, First Out) assumes that the most recently purchased items are sold first.
Steps: 0

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