Question: Which one if TRUE for First In First Out method: I. Costs of earliest goods purchased are first to be recognized in determining cost of

Which one if TRUE for First In First Out method: I. Costs of earliest goods purchased are first to be recognized in determining cost of goods sold II. Often parallels actual physical flow of merchandise III. Companies determine cost of ending inventory by taking unit cost of most recent purchase and working backward until all units of inventory have been costed

1 point

1)All of the above

2)Only I and II

3)Only I and III

4)Only II and III.

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