Week 1 - Practice: Chapter 8
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Question 2 of 15
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LIFO assumes the sale of the most recent purchases first and thus results in cost of goods sold that is the most current value.
FIFO assumes the sale of the earliest purchases first (and beginning inventory before any purchases) and thus results in
ending inventory that is the most current value. FIFO is sometimes called LISH: last in still here.
Generally, which inventory costing method approximates most closely the current cost for each of the following?
Cost of
goods sold
Ending
inventory
LIFO
FIFO
LIFO
LIFO
FIFO
FIFO
FIFO
LIFO
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