Assume the periodic inventory method is used. When LIFO is used, costs are assigned to cost of goods sold using the most recent purchase at the time of the sale.
Answer the following statement true (T) or false (F)
False
Last-in, first-out (LIFO) assumes that the newest goods (the last in to inventory) are the first ones sold (the first out of inventory). So, the most recent purchases are used to determine the cost of goods sold. When the periodic inventory system is used, that means that cost of goods sold is determined at the end of the period (rather than the time of the sale).
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