The ending inventory using the LIFO costing method reports the oldest inventory costs.

Name: The ending inventory using the LIFO costing method reports the oldest inventory costs.
Brand: Quizplus
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Question

Quizplus · Accepted Answer

In the LIFO (last in, first out) method of inventory costing, the most recent or newest inventory costs are considered first when calculating the cost of goods sold. This means that the ending inventory will consist of the oldest inventory costs, hence the statement is true.

The Ending Inventory Using the LIFO Costing Method Reports the Oldest