Which of the following results in the inventory being stated at the most current acquisition costs?
A)Specific identification
B)LIFO
C)FIFO
D)Average cost

Question

Quizplus · Accepted Answer

FIFO (First-In, First-Out) results in the inventory being stated at the most current acquisition costs because the oldest costs are assigned to the cost of goods sold, leaving the most recent costs in ending inventory.

Which of the Following Results in the Inventory Being Stated