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 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

First to be allocated to the cost of good sold

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