The inventory method which results in the most recent cost being assigned to cost of goods sold is:
A)First-in,first-out.
B)Last-in,first-out.
C)Last-in,last-out.
D)Moving average.

Question

Quizplus · Accepted Answer

Last-in,first-out (LIFO) assigns the cost of the most recently purchased inventory to cost of goods sold, which results in the most recent cost being assigned to cost of goods sold.

The Inventory Method Which Results in the Most Recent Cost