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Under which accounting method is inventory valued at the most recent purchase pr

Practice Questions

Q1
Under which accounting method is inventory valued at the most recent purchase price?
  1. FIFO
  2. LIFO
  3. Weighted Average
  4. Specific Identification

Questions & Step-by-Step Solutions

Under which accounting method is inventory valued at the most recent purchase price?
  • Step 1: Understand that inventory is the goods a company has for sale.
  • Step 2: Learn about different accounting methods used to value inventory.
  • Step 3: Identify the LIFO method, which stands for Last-In, First-Out.
  • Step 4: Know that under LIFO, the most recent items purchased are considered sold first.
  • Step 5: Conclude that LIFO values the remaining inventory at the most recent purchase price.
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