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Is 'Wine & Spirits' LIFO or FIFO?
Weegy: The LIFO (Last In, First Out) method of inventory costing uses both unit-base and cost-base methods of inventory valuation, in which the latest unit acquisition cost is matched with current sales revenue. [ [ Therefore, under LIFO, the order of cost outflow recognized is the inverse of the order of cost inflow. The units remaining in ending inventory are costed at the oldest unit costs available; the units in cost of sales are costed at ... (More)
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