Which inventory costing method generally results in the most recent costs being assigned to ending inventory?
A)LIFO.
B)FIFO.
C)Weighted average cost.
D)Simple average cost.

Question

Quizplus · Accepted Answer

FIFO (First-In, First-Out) method generally results in the most recent costs being assigned to ending inventory. This is because under FIFO, the first costs that are incurred are assumed to be the first costs that are sold, leaving the most recent costs in inventory.

Which Inventory Costing Method Generally Results in the Most Recent