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n # 2 4 of 2 5 Which of the following statements about the first - in , first - out ( FIFO ) inventory
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Which of the following statements about the firstin firstout FIFO inventory cost flow method is true?
a The first units purchased are assumed to be sold, and the ending inventory is made up of the most recent purchases.
b The units purchased in the middle of the year are assumed to be sold, and the ending inventory is made up of the other purchases.
c The cost of the units sold and in ending inventory is an average of the purchase costs.
d The last units purchased are assumed to be sold, and the ending inventory is made up of the first purchases.
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