Which inventory valuation method uses the most recent costs for ending inventory?
Practice Questions
1 question
Q1
Which inventory valuation method uses the most recent costs for ending inventory?
FIFO
LIFO
Weighted Average
Specific Identification
LIFO (Last In, First Out) assumes that the most recently purchased items are sold first, thus using the most recent costs for ending inventory.
Questions & Step-by-step Solutions
1 item
Q
Q: Which inventory valuation method uses the most recent costs for ending inventory?
Solution: LIFO (Last In, First Out) assumes that the most recently purchased items are sold first, thus using the most recent costs for ending inventory.
