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6 October, 00:35

The value of the ending inventory based on lifo is

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  1. 6 October, 01:20
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    Because this method assumes that the most recently purchased items are sold, the value of the ending inventory is based on the cost of the oldest items.

    Explanation:

    LIFO, short for last-in-first-out, means the last items bought are the first ones sold. Cost of sales is determined by the cost of items purchased the most recently
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