The first-in,first-out (FIFO)method assumes that items remaining in inventory at the end of the period are those most recently purchased or produced.

Name: The first-in,first-out (FIFO)method assumes that items remaining in inventory at the end of the period are those most recently purchased or produced.
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FIFO assumes that the first items purchased or produced are the first to be sold or used, so the items remaining in inventory at the end of the period are those most recently purchased or produced.

The First-In,first-Out (FIFO)method Assumes That Items Remaining in Inventory at the End