1 Which of the following statement is correct? The four inventory costing methods First-in, first-out method assumes the most recent purchases are sold first. Last-in, first-out method assumes the oldest goods are sold first. Specific identification method is used by merchandisers that sell a large number of low-value products. 3 points differ in the way they assign costs to cost of goods sold and ending inventory.

Which of the following statement is correct? The four inventory costing methods differ in the way they assign costs to cost of goods sold and ending inventory. First-in, first-out method assumes the most recent purchases are sold first. Last-in, first-out method assumes the oldest goods are sold first. Specific identification method is used by merchandisers that sell a large number of low-value products