When a company uses the last-in,first-out (LIFO)method,the cost of goods sold correlates to the most recently purchased goods,and the ending inventory correlates to the oldest goods in stock.

Question

Quizplus · Accepted Answer

In LIFO method, the company assumes that the last units purchased are the first ones sold, which means the cost of goods sold will reflect the most recently purchased goods, and the ending inventory will correlate to the oldest goods in stock.

When a Company Uses the Last-In,first-Out (LIFO)method,the Cost of Goods