Asked by Teresa Navarro P on Jun 06, 2024
Verified
The inventory method that matches most recently acquired costs with current selling prices is:
A) LIFO.
B) FIFO.
C) weighted-average.
D) specific invoice.
Current Selling Prices
The present market value at which goods or services are offered for sale.
- Recognize the distinction and application of FIFO, LIFO, weighted-average, and specific invoice inventory valuation methods.
Verified Answer
BM
Baylor MilesJun 08, 2024
Final Answer :
A
Explanation :
LIFO (Last In, First Out) matches the most recently acquired costs with current selling prices because it assumes that the last items purchased are the first ones sold.
Learning Objectives
- Recognize the distinction and application of FIFO, LIFO, weighted-average, and specific invoice inventory valuation methods.