The inventory method which results in the most recent costs being assigned to inventory on hand at the end of the period is:
A)First-in,first-out.
B)Last-in,first-out.
C)Last-in,last-out.
D)Moving average.

Question

Quizplus · Accepted Answer

The First-in, First-out (FIFO) method assigns the most recent costs to inventory on hand at the end of the period, as it assumes that the oldest inventory items are sold first.

The Inventory Method Which Results in the Most Recent Costs