The FIFO Method of Inventory Costing

The FIFO method of inventory costing

A) assumes that the goods acquired first are the first ones sold, leaving the oldest costs in ending inventory.
B) uses the per unit costs of the most recently acquired goods to determine the cost of goods sold.
C) requires businesses to sell the oldest inventory units first.
D) yields a lower net income than the LIFO method in an inflationary environment when these methods are applied to the same financial data.
E) assumes that the goods acquired first are the first ones sold, leaving the newest costs in ending inventory.