The term "LIFO" relates to the merchandise in inventory at the end of the accounting period, not to the merchandise sold during the period.

Name: The term "LIFO" relates to the merchandise in inventory at the end of the accounting period, not to the merchandise sold during the period.
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LIFO (Last In, First Out) is an inventory valuation method where the most recently acquired items are assumed to be sold first, affecting both the cost of goods sold and ending inventory.

The Term "LIFO" Relates to the Merchandise in Inventory at the End