When the FIFO method is used,cost of goods sold is assumed to consist of:

Name: When the FIFO method is used,cost of goods sold is assumed to consist of:
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Quizplus · Accepted Answer

When the FIFO (First-in-First-Out) method is used, the cost of goods sold is assumed to consist of the oldest units first. This means that the cost of goods sold will be based on the cost of the units that were first purchased and put into inventory before the cost of the more recently purchased units. Therefore, the answer is D, the oldest units.

When the FIFO Method Is Used,cost of Goods Sold Is