Question: Using the first-in, first-out assumed cost flow, the most recent purchases of inventory are assumed to be contained on the income statement as part of

Using the first-in, first-out assumed cost flow, the most recent purchases of inventory are assumed to be contained on the income statement as part of cost of goods sold on the balance sheot as part of ending inventory camnot be determingd from the above intormation equally. spit betveen the incorme statoment and tho bolance sheet

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