Q203
Which one of the following inventory costing methods is supposed to issue the most recently purchased goods?
A.
FIFO
B.
LIFO
AnswerC.
AVCO or averrage cost
D.
Moving average
Answer: Option B
Solution
Answer: Option B
Solution:
LIFO inventory costing methods is supposed to issue the most recently purchased goods. LIFO, which stands for last-in-first-out, is an inventory valuation method which assumes that the last items placed in inventory are the first sold during an accounting year.