helpFeedback Check My Work a. When the FIFO method is used, costs are included...
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helpFeedback Check My Work a When the FIFO method is used, costs are included in cost of goods sold in the order in which they were purchased. b When the LIFO method is used, the cost of the units sold is the cost of the most recent purchases. c The average cost method is sometimes called the weighted average method. The average cost method uses the average unit cost for determining cost of goods sold and the ending inventory. 
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a When the FIFO method is used, costs are included in cost of goods sold in the order in which they were
purchased.
b When the LIFO method is used, the cost of the units sold is the cost of the most recent purchases.
c The average cost method is sometimes called the weighted average method. The average cost method
uses the average unit cost for determining cost of goods sold and the ending inventory.
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