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

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

Quizplus · Accepted Answer

LIFO (Last-In, First-Out) assigns the cost of the most recent items purchased to cost of goods sold.

Which Inventory Cost Flow Method Assigns the Cost of the Most