In applying the LIFO cost flow method in a perpetual inventory system, the cost of the units most recently purchased prior to sale is allocated first to the units sold.

Name: In applying the LIFO cost flow method in a perpetual inventory system, the cost of the units most recently purchased prior to sale is allocated first to the units sold.
Brand: Quizplus
Rating: 4.7 (40 reviews)

Question

Quizplus · Accepted Answer

This is the correct definition of the LIFO cost flow method in a perpetual inventory system.

In Applying the LIFO Cost Flow Method in a Perpetual