Which of the following inventory costing methods yields the lowest Ending inventory when costs are rising during the accounting period?

Question

Quizplus · Accepted Answer

Under the Last-In, First-Out (LIFO) method, the most recently acquired inventory is used up first. When costs are rising, this means that the higher cost items are sold first, leaving the older, lower-cost items in ending inventory, thus resulting in the lowest ending inventory value.

Which of the Following Inventory Costing Methods Yields the Lowest