An inventory pricing procedure in which the oldest costs incurred rarely have an effect on the ending inventory valuation is
A) FIFO
B) LIFO
C) Base stock
D) Weighted-average

Question

Quizplus · Accepted Answer

In the FIFO (First-In, First-Out) method, the oldest inventory costs are used up first and rarely affect the ending inventory valuation, as the ending inventory is valued at the most recent costs.

An Inventory Pricing Procedure in Which the Oldest Costs Incurred