Under the LIFO inventory costing method, the most recent costs are assigned to ending inventory. Solution b. False The main feature of the LIFO (last-in, first-out) method for cost of goods sold is that it selects the last item you purchased first, and then works backward until you have the total cost for the total number of units sold during the period. What about the ending inventory .

1. Under the LIFO inventory costing method, the most recent costs are assigned to ending
inventory.
a. True
b. False
Solution
b. False
The main feature of the LIFO (last-in, first-out) method for cost of goods sold is that it selects
the last item you purchased first, and then works backward until you have the total cost for the
total number of units sold during the period.
What about the ending inventory