A method of valuing inventory based on the assumption that the newest goods will be sold first is called the:
A)LIFO method.
B)average cost method.
C)specific identification method.
D)FIFO method.

Name: A method of valuing inventory based on the assumption that the newest goods will be sold first is called the: A)LIFO method. B)average cost method. C)specific identification method. D)FIFO method.
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Question

Quizplus · Accepted Answer

LIFO (Last-In, First-Out) method assumes that the most recently purchased inventory is sold first.

A Method of Valuing Inventory Based on the Assumption That