Cost flow is most likely in the reverse order in which costs were incurred when using thea. first-in, first-out methodb. first-in, last-out methodc. weighted average cost methodd. last-in, first-out method
Q. Cost flow is most likely in the reverse order in which costs were incurred when using thea. first-in, first-out methodb. first-in, last-out methodc. weighted average cost methodd. last-in, first-out method
Explanation: The last-in, first-out method (LIFO) assumes that the most recently incurred costs are the first to be allocated to cost of goods sold, which means it's in the reverse order of when they were incurred.
Correct Answer: So, the correct answer is the last-in, first-out method.