Indicate whether the following statement is true or false. The FIFO cost flow method assumes that...

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Indicate whether the following statement is true or false. The FIFO cost flow method assumes that the cost of items purchased

business accounting

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Answer 1

Answer #1

TRUE

This statement is true.

As per first in first out (FIFO) cost flow method, the items that were purchased first or most earliest purchases, will be sold first. So, items that will remain in the inventory will be the items of last purchases.

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Answer 2

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Add Answer to: Indicate whether the following statement is true or false. The FIFO cost flow method assumes that...

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