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Which of the following statements is correct with respect to inventories? O It is generally good business management to sell the most recently acquired goods

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Which of the following statements is correct with respect to inventories? O It is generally good business management to sell the most recently acquired goods first. O FIFO seldom coincides with the actual physical flow of inventory. The FIFO method assumes that the costs of the earliest goods acquired are the last to be sold. Under FIFO, the ending inventory is based on the latest units purchased

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