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Under the periodic inventory method, when LIFO is used, costs are assigned to cost of goods sold using the most recent purchase at the time
Under the periodic inventory method, when LIFO is used, costs are assigned to cost of goods sold using the most recent purchase at the time of the sale.
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Accounting Principles
Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel, Barbara Trenholm, Valerie Warren, Lori Novak
7th Canadian Edition Volume 2
1119048478, 978-1119048473
