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Contemporary Mathematics for Busin...

8th Edition
Robert Brechner + 1 other
ISBN: 9781305585447

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BuyFindarrow_forward

Contemporary Mathematics for Busin...

8th Edition
Robert Brechner + 1 other
ISBN: 9781305585447
Textbook Problem

An inventory valuation method that assumes the items purchased by the company last are the first items to be sold is known as the ________ method. Its abbreviation is ____. (16-2)

To determine

To fill: The blank spaces provided in the statement, “An inventory valuation method that assumes the items purchased by a company last are the first items to be sold is known as the _______ method. Its abbreviation is _______”.

Explanation

Last-in, first-out method is an inventory valuation method that assumes the items purchased by a company last are the first items to be sold.

In other words, under the last-in, first-out method, the recent purchased or produced goods are removed and expensed first and earliest purchased goods remained in the ending inventory...

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