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Under which accounting method is inventory valued at the most recent purchase pr
Under which accounting method is inventory valued at the most recent purchase price?
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Q1
Under which accounting method is inventory valued at the most recent purchase price?
FIFO
LIFO
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LIFO (Last-In, First-Out) values inventory at the most recent purchase price, assuming the latest items purchased are sold first.
Questions & Step-by-step Solutions
1 item
Q
Q: Under which accounting method is inventory valued at the most recent purchase price?
Solution:
LIFO (Last-In, First-Out) values inventory at the most recent purchase price, assuming the latest items purchased are sold first.
Steps: 5
Show Steps
Step 1: Understand that inventory is the goods a company has for sale.
Step 2: Learn about different accounting methods used to value inventory.
Step 3: Identify the LIFO method, which stands for Last-In, First-Out.
Step 4: Know that under LIFO, the most recent items purchased are considered sold first.
Step 5: Conclude that LIFO values the remaining inventory at the most recent purchase price.
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