$**$Accounting: Inventory Valuation Methods$**$

$**$Question:$**$

In accounting, which inventory valuation method assumes that the cost of goods sold and ending inventory consist of the most recently acquired or produced items?

A$)$ First$-$In$,$ First$-$Out $($FIFO$)$

B$)$ Last$-$In$,$ First$-$Out $($LIFO$)$

C$)$ Weighted Average Cost

D$)$ Specific Identification