The following statements are true of FIFO except that______.A.FIFO cost flow assumption as
The following statements are true of FIFO except that______.
A.FIFO cost flow assumption assumes that the first item purchased is the first item sold
B.cost of goods sold is determined from the cost of the earliest purchases
C.the ending stock is assumed to be the first item purchased
D.cost of ending stock is computed from the most recent purchase cost