The last-in, first-out cost flow assumption under the perpetual inventory system. The last (most recent) costs as of the time that goods are sold are the first costs removed from inventory. The oldest costs as of the time of the sale will remain in inventory. The results will be different from periodic LIFO. To learn more, see Explanation of Inventory and Cost of Goods Sold.
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For the past 52 years, Harold Averkamp (CPA, MBA) has
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