Which method assigns the cost of the most recent items purchased to ending inventory?
A) LIFO
B) FIFO
C) Specific identification
D) Weighted average cost

Name: Which method assigns the cost of the most recent items purchased to ending inventory? A) LIFO B) FIFO C) Specific identification D) Weighted average cost
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Question

Quizplus · Accepted Answer

FIFO (First-In, First-Out) assigns the cost of the most recent items purchased to ending inventory, as it assumes that the oldest inventory items are sold first.

Which Method Assigns the Cost of the Most Recent Items