What is LIFO? Group of answer choices Equates to employee's net hours on duty when performing the functions in his or her job description An inventory costing method that recognizes the first costs placed into inventory as the first costs moved out into cost of goods sold when a sale occurs The period over which a fixed asset's cost will be spread An inventory costing method that recognizes the latest, or last costs placed into inventory as the first costs moved out into cost of goods sold when a sale occurs