Question: The inventory method that assigns the most recent costs to cost of merchandise sold is weighted average FIFO specific identification LIFO The entry to record

The inventory method that assigns the most recent costs to cost of merchandise sold is

weighted average

FIFO

specific identification

LIFO

The entry to record the return of merchandise from a customer would include a

debit to Sales

debit to Customer Refunds Payable

debit to Estimated Returns Inventory

credit to Sales

The entry to record the return of merchandise from a customer would include a

debit to Sales

debit to Customer Refunds Payable

debit to Estimated Returns Inventory

credit to Sales

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