Of the three widely used inventory costing methods (FIFO, LIFO, and average cost), the LIFO method of costinginventory assumes costs are charged based on the most recent purchases first.
a. True
b. False
Indicate whether the statement is true or false
Question 2
On November 27, Acme, Inc ordered merchandise from Zenith Company. Zenith shipped the merchandise to Acme on November 29, FOB destination. The merchandise arrived at Acme's warehouse on December 1. Acme paid for the merchandise on January 2.
When should Acme record the purchase?
A) November 27
B) November 29
C) December 1
D) January 2
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