Question

An inventory costing procedure in which the latest costs incurred rarely have an effect on the ending inventory valuation is Select one: a. base stock. b. weighted-average. c. FIFO. d. LIFO.

Answer 1

d. LIFO

Step-by-step explanation:

Last - In - First - Out (LIFO) assumes that the last goods purchased are the first ones to be issued to the final customer or requisition department.

This means that : Valuation of Inventory will begin using the value of the earliest goods purchased instead of earliest prices.