The LIFO cost flow assumption assumes that the cost of items purchased are the costs that will be transferred first to cost of goods sold on the __. Multiple choice question. earliest/balance sheet latest/income statement

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31-01-2022
Business

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The LIFO cost flow assumption assumes that the cost of items purchased are the costs that will be transferred first to cost of goods sold on the __. Multiple choice question. earliest/balance sheet latest/income statement

Sagot :

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ewomazinoade ewomazinoade · Answer 1 · 2022-02-09T04:37:34-05:00

The LIFO cost flow assumption assumes that the cost of items purchased latest are the costs that will be transferred first to cost of goods sold on the income statement.

What is the LIFO cost flow assumption?

LIFO means last in, first out. It means that it is the inventory purchased last that is assumed to be sold first. The cost of goods sold that would be recorded on the income statement is the cost of the latest purchased inventory. Ending inventory that would be recorded in the balance sheet is the earliest purchased inventory.

To learn more about LIFO, please check: https://brainly.com/question/13779572

The LIFO cost flow assumption assumes that the cost of items purchased ______ are the costs that will be transferred first to cost of goods sold on the ______ ______. Multiple choice question. earliest/balance sheet latest/income statement

Sagot :

What is the LIFO cost flow assumption?

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The LIFO cost flow assumption assumes that the cost of items purchased are the costs that will be transferred first to cost of goods sold on the __. Multiple choice question. earliest/balance sheet latest/income statement