the lifo method of inventory valuation bases the cost of goods sold on the cost of\n\nmultiple…
the lifo method of inventory valuation bases the cost of goods sold on the cost of\n\nmultiple choice\n\nmost recent merchandise purchased by the firm.\n\nmerchandise the firm acquired at the lowest cost.\n\nmerchandise that has been held in inventory for the longest period of time.\n\nactual units customers purchased.
Answer
Brief Explanations:
LIFO stands for Last - In, First - Out. In inventory valuation, it assumes that the most recently purchased goods are the first ones to be sold. So the cost of goods sold is based on the cost of the most recent merchandise purchased by the firm.
Answer:
most recent merchandise purchased by the firm.