The inventory costing method that reports the earliest costs in ending inventory is
A) FIFO
B) LIFO
C) weighted average
D) specific identification

Name: The inventory costing method that reports the earliest costs in ending inventory is A) FIFO B) LIFO C) weighted average D) specific identification
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Question

Quizplus · Accepted Answer

LIFO (Last-In, First-Out) reports the earliest costs in ending inventory because it assumes that the most recently purchased items are the first to be sold.

The Inventory Costing Method That Reports the Earliest Costs in Ending