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fixed assets purchased to assist the production process o claims arising from the purchase of raw material 16) Under which method of inventory costing is the ending inventory assumed to be composed of (3.5 the most recent costs? Average cost Last-in, first- out First-in, last- out First-in, first- out 17) The inventory costing method that assigns the most recent costs to cost of goods sold (3.5pts) FIFO MacBook Air