Under which of the following inventory costing methods is ending inventory based on the cost of the most recent purchases?

Name: Under which of the following inventory costing methods is ending inventory based on the cost of the most recent purchases?
Brand: Quizplus
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Question

Quizplus · Accepted Answer

Under the First-In, First-Out (FIFO) inventory costing method, the cost of the oldest inventory items are the first to be recognized in the cost of goods sold, leaving the costs of the most recent purchases in the ending inventory.

Under Which of the Following Inventory Costing Methods Is Ending