Question: Under the first-in, first-out inventory costing method: a. Inventory items are assumed to be sold in the order they are acquired. b. Inventory items are

Under the first-in, first-out inventory costing method:

a. Inventory items are assumed to be sold in the order they are acquired.

b. Inventory items are assumed to be purchased in the order they are acquired.

c. Items in ending inventory do not reflect the most recent purchases.

d. Average cost per unit is calculated after each sale of goods.

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