Kenneth deposits three checks for $275, $150, and $100 and asks for $120 in cash.In tracing the deposit to determine if value was given, the Code would follow the "LIFO" or "last-in, first-out" method of accounting.

Question

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The Code typically follows the "FIFO" or "first-in, first-out" method of accounting, not "LIFO," when tracing deposits to determine if value was given.

Kenneth Deposits Three Checks for $275, $150, and $100 and Asks