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