Which of the following results in the cost of goods sold being stated at the most current acquisition costs?
A)Average cost
B)Specific identification
C)FIFO
D)LIFO

Question

Quizplus · Accepted Answer

LIFO (Last-In, First-Out) results in the cost of goods sold being stated at the most current acquisition costs because it assumes that the most recently acquired inventory items are sold first.

Which of the Following Results in the Cost of Goods