When LIFO is used with the periodic inventory system,costs are assigned to cost of goods sold using the most recent purchase at the point of each sale,rather than from the most recent purchase as of the end of the period.

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When LIFO is used with the periodic inventory system, costs are assigned to cost of goods sold using the most recent purchase as of the end of the period, rather than the most recent purchase at the point of each sale.

When LIFO Is Used with the Periodic Inventory System,costs Are