q first-in first-out inventoryfifo first-in, Accounting Basics

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q first-in first-out inventoryfifo first-in

Q. First-in first-out inventory?

FIFO (first-in first-out): Ending inventory contains of the most recent purchases. FIFO presumes that the costs of the first goods purchased are those charged to cost of goods sold when goods are sold. During periods of inflation FIFO creates higher net income ever since the costs charged to cost of goods sold are lower.

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Accounting Basics: q first-in first-out inventoryfifo first-in

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