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

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

Quizplus · Accepted Answer

Last-In, First-Out (LIFO) assumes that the most recently purchased items are sold first, leaving the oldest items in inventory. Therefore, when calculating the value of ending inventory, the cost of the oldest (first-in) purchases is used.

Under Which of the Following Inventory Costing Methods Is Ending