The problem now is this: What unit cost should we assign to the ending inventory? There are
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The problem now is this: What unit cost should we assign to the ending inventory? There are three choices: (1) we could assume that the older fuel oil was sold, leaving the [older / newer] fuel oil in inventory;
(2) we could assume that the newer fuel oil was sold, leaving the [older /
newer] fuel in inventory; or (3) we could assume that a mixture of old and new oil was sold. Because the fuel oil has been mixed together in the storage tank, we [have / do not have] a record of the cost of the specific quantities of fuel oil actually sold during the month. Therefore the solution
[is / is not] clear-cut.
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