What inventory cost flow method assigns the cost of the most recent items purchased to cost of goods sold?

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LIFO (last-in, first-out) assigns the cost of the most recent items purchased to cost of goods sold, meaning that the most recent and typically most expensive inventory items are sold first, resulting in a lower ending inventory balance and a higher cost of goods sold. This method is often used in times of inflation to reduce taxable income.

What Inventory Cost Flow Method Assigns the Cost of the Most