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Under which method would the ending inventory be valued at the most recent purch
Under which method would the ending inventory be valued at the most recent purchase prices?
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Q1
Under which method would the ending inventory be valued at the most recent purchase prices?
FIFO
LIFO
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Under LIFO, the ending inventory is valued at the oldest costs, while FIFO values it at the most recent purchase prices.
Questions & Step-by-step Solutions
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Q: Under which method would the ending inventory be valued at the most recent purchase prices?
Solution:
Under LIFO, the ending inventory is valued at the oldest costs, while FIFO values it at the most recent purchase prices.
Steps: 5
Show Steps
Step 1: Understand that inventory methods are used to value the goods a company has at the end of a period.
Step 2: Learn about the two common inventory methods: LIFO (Last In, First Out) and FIFO (First In, First Out).
Step 3: Know that under LIFO, the most recent purchases are sold first, meaning the ending inventory consists of older costs.
Step 4: Understand that under FIFO, the oldest inventory is sold first, so the ending inventory is made up of the most recent purchases.
Step 5: Conclude that FIFO is the method that values the ending inventory at the most recent purchase prices.
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