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| Question 1 When the LIFO method of costing inventory is in use, the seller: Must sell the most recently acquired units in inventory first

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| Question 1 When the LIFO method of costing inventory is in use, the seller: Must sell the most recently acquired units in inventory first Must sell the oldest unit in inventory first Assumes that the oldest units in inventory are sold first Assumes that the most recently acquired units in inventory are sold first

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