Question: Which statement is correct regarding the FIFO method? It uses an average of costs to determine the cost of goods sold. It assumes ending inventory

Which statement is correct regarding the FIFO method?
It uses an average of costs to determine the cost of goods sold.
It assumes ending inventory is made up of the latest goods to arrive in the
warehouse.
It assumes ending inventory is made up of the earliest goods to arrive in the
warehouse.
It assumes cost of goods sold is made up of the latest goods to arrive in the
warehouse.
Which statement is correct regarding the FIFO method? It uses an

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