Under FIFO costing, the most recent costs are assigned to ending inventory.

Name: Under FIFO costing, the most recent costs are assigned to ending inventory.
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Under FIFO (First-In, First-Out) costing, the costs of the most recently purchased or manufactured items are assigned to ending inventory. This means that the cost of goods sold is based on the oldest costs, while the ending inventory is valued at the most recent costs.

Under FIFO Costing, the Most Recent Costs Are Assigned to Ending