Match the following terms with their definitions.
-LIFO
A)Average cost for that period for inventory
B)Inventory continually updated
C)(Beginning inventory and ending inventory)÷ 2
D)New inventory sold first
E)Cost percentage
F)Inventory not updated continually
G)Each cost is known
H)Old inventory sold first
I)A ratio
J)A ratio used to calculate cost of ending inventory
K)Operating expenses not directly associated with a specific department

Question

Quizplus · Accepted Answer

LIFO (Last In, First Out) is an inventory valuation method where the most recently acquired inventory is sold first.

Match the Following Terms with Their Definitions