Accountıng I Deneme Sınavı Sorusu #1313853
According to which method, does ending inventory come from the oldest costs (beginning inventory and earliest purchases) of the period?
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Inventory Cost Flow Method |
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Specific Identification Method |
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Average Cost Method |
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FIFO |
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LIFO |
Yanıt Açıklaması:
Last-In, First-Out (LIFO) Method Last-in, First-out (LIFO) is just the opposite of FIFO. Under the last-in, first-out (LIFO) method, ending inventory comes from the oldest costs (beginning inventory and earliest purchases) of the period.
The correct answer is E.
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