Final answer:
LIFO (Last-In, First-Out) is an inventory accounting method where the oldest costs have a minimal impact on ending inventory valuation since the latest items added are sold first, leaving older costs on the balance sheet.
Step-by-step explanation:
An inventory pricing procedure in which the oldest costs incurred rarely have an effect on the ending inventory valuation is LIFO (Last-In, First-Out). This method assumes that the most recent items added to the inventory are sold first, and the older inventory costs remain on the balance sheet. In contrast, FIFO (First-In, First-Out) would see oldest costs having a direct effect on the ending inventory valuation, as it assumes that the earliest goods purchased are the first to be sold. The base stock method assumes that a certain quantity of inventory is always on hand. Weighted-average costs are computed by averaging the cost of inventory at the beginning of a period with costs incurred during the period. Hence, LIFO is the method where the oldest costs have the least impact on the ending inventory valuation.