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Which of the following statements is incorrect? Last-in, first-out method assumes the oldest goods are sold first. The four inventory costing methods differ in the
Which of the following statements is incorrect?
Last-in, first-out method assumes the oldest goods are sold first.
The four inventory costing methods differ in the way they assign costs to cost of goods sold and ending inventory.
Last-in, first out method minimizes tax payments in the period of rising prices.
First-in, first-out method yields the highest gross profit in the period of rising prices.
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