Question

Which method assumes assets (inventory) produced or acquired last are the ones used, sold or disposed of first?
Responses

HIFO method
HIFO method

Just-in-case method
Just-in-case method

Periodic inventory
Periodic inventory

LIFO method

Answer 1

The method that assumes assets (inventory) produced or acquired last are the ones used, sold, or disposed of first is the **LIFO method** (Last In, First Out).