Question

Which inventory costing method generally results in the most recent costs being assigned to ending inventory?

a. LIFO.
b. FIFO.
c. Weighted average cost.
d. Simple average cost.
e. Specific identification.

Answer 1

B. FIFO.

Step-by-step explanation:

This is known in full as First in, First out which has a general ideology that purchases that are been made first are those to be sold also first too.bTherefore it is seen to be the discussed inventory when it comes to recent costing been assigned to ending inventories. They are been assumed to remain inventory consists of items purchased last. In other words, its alternate LIFO is an accounting method in which assets purchased or acquired last are disposed of first. Also it is seen in an inflationary market, lower, older costs are assigned to the cost of goods sold under the FIFO method.