Match each description to the appropriate cost flow assumption (a-c).
-Produces results that are similar to the specific identification method
A)FIFO
B)LIFO
C)Weighted average

Question

Quizplus · Accepted Answer

FIFO (First-In, First-Out) produces results that are similar to the specific identification method because it assumes that the first items purchased are the first ones sold, which closely aligns with tracking each item individually as in specific identification.

Match Each Description to the Appropriate Cost Flow Assumption (A-C)