Subject - Accounting:

Cost and Management Accounting

MCQ - 184-186

Question:

The FIFO inventory costing method (when using a perpetual inventory system) assumes that the cost of the earliest units purchased is allocated in which of the following ways?

First to be allocated to the ending inventory
Last to be allocated to the cost of goods sold
Last to be allocated to the ending inventory
Last to be allocated to the cost of goods sold

Correct Answer: D

Explanation:

Not required

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355 MCQ for effective preparation of the test of Cost and Management Accounting of Accounting section.

Read the MCQ statement: The FIFO inventory costing method (when using a perpetual inventory system) assumes that the cost of the earliest units purchased is allocated in whic .... ollowing ways? , keenly and apply the method you have learn through the video lessons for Cost and Management Accounting to give the answer. Record your answer and check its correct answer and video explanation for MCQ No. 184-186.

How to Answer

Solve the question for MCQ No. and decide which option (A through D/E) is the best choice to answer the MCQ, then click/tap the blue button to view the correct answer and it explanation.

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