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FIFO Inventory means: First In First Out; simply the first inventory that comes in, is the first that puts out on shelves, therefore it is the first inventory sold.
Following are inventory valuation methods: 1 - Lifo (Last in first out) 2 - Fifo (First in first out) 3 - Average method.
FIFO method where the older items are sold first.
FIFO method is based on the actual cost of each particular unit of inventory. In this method, inventory which is purchased first is sold out first. It ensures that old inventory is not piled up in storage and most companies use this method to evaluate their inventory.
First in first out is the accounting term used to describe the method to allocate values. The method assumes the inventory that arrived first was used first.
FIFO Inventory means: First In First Out; simply the first inventory that comes in, is the first that puts out on shelves, therefore it is the first inventory sold.
Following are inventory valuation methods: 1 - Lifo (Last in first out) 2 - Fifo (First in first out) 3 - Average method.
The techniques of inventory control are as follows:- 1. First In First Out Method(FIFO) 2.Last In First Out Method(LIFO) 3.Highest In First Out Method(HIFO) 4.Base Stock Method 5.Simple Average Method 6.Weighted Average Method
FIFO method where the older items are sold first.
FIFO method is based on the actual cost of each particular unit of inventory. In this method, inventory which is purchased first is sold out first. It ensures that old inventory is not piled up in storage and most companies use this method to evaluate their inventory.
There are different inventory costing methods an accountant can use for cost o goods sold accounting. The methods include last in, first out, average cost method, first in, first out, and specific identification method.
First in first out is the accounting term used to describe the method to allocate values. The method assumes the inventory that arrived first was used first.
A method of inventory accounting in which the oldest remaining items are assumed to have been the first sold. In a period of rising prices, this method yields a higher ending inventory, a lower cost of goods sold, a higher gross profit (assuming constant price), and a higher taxable income. Also called FIFO.Method in calculation in which the weighted averagezzor the period is the cost of the goods available for sale divided by the number of units available for sale. When the perpetual inventory system is used, the weighted average method is called the moving average method.
LIFO - last in first out.
Inventory methods include first in-first out, or other logical method. In this case, however, diamond traders probably keep inventory records and execute trades in methods that are the most profitable at the time of the trade.
The method is called First-In-First-Out (FIFO).
THERE ARE THREE METHODS OF INVENTORY COSTS FLOW. 1: LIFO=first in first out 2; LIFO= last in first out 3: AVERAGE method and your answer is LIFO