Which of the following is true of the FIFO inventory method? It assumes that the cost of the earliest units purchased are the first to be allocated to cost of goods sold. It assumes that the cost of the earliest units purchased are the last to be allocated to cost of goods sold. It assumes that the cost of the earliest units purchased are the first to be allocated to the ending inventory. It assumes that the cost of the earliest units purchased are the last to be allocated to the beginning inventory.

Which of the following is true of the FIFO inventory method?
     It assumes that the cost of the earliest units purchased are the first to be allocated to cost of goods sold.
     It assumes that the cost of the earliest units purchased are the last to be allocated to cost of goods sold.
     It assumes that the cost of the earliest units purchased are the first to be allocated to the ending inventory.
     It assumes that the cost of the earliest units purchased are the last to be allocated to the beginning inventory.
                                        

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