The method by which fungible merchandise or articles are identified on the basis of calculation by recordkeeping of the amount of drawback that may be attributed to each unit of merchandise or articles in the inventory. Which of the following approved accounting method is utilized by Customs and Border Protection?
a) Average
b) Inventory turn-over for limited purposes
c) Low-to-High
d) Last-in, first out
e) First-in, first out
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The Answer is: A
Citation: 19CFR191.14(c) (4)
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