which inventory costing method will produce an amount for cost of goods sold that is closest to current…

which inventory costing method will produce an amount for cost of goods sold that is closest to current market value? multiple choice specific identification fifo lifo weighted average

which inventory costing method will produce an amount for cost of goods sold that is closest to current market value? multiple choice specific identification fifo lifo weighted average

Answer

Brief Explanations:

LIFO (Last - In, First - Out) assumes that the last - purchased inventory items are the first ones sold. In a changing - price environment, the cost of the most recently acquired inventory is closer to the current market value. So, the cost of goods sold calculated under LIFO is likely to be closest to the current market value.

Answer:

C. LIFO