Match the items below by choosing the appropriate code letter :
-Ending inventory valuation consists of the most recent inventory purchases.
A) Inventory
B) Work in process
C) FOB shipping point
D) FOB destination
E) Specific identification method
F) First-in, first-out (FIFO) method
G) Last-in, first-out (LIFO) method
H) Average cost method
I) Inventory turnover

Question

Quizplus · Accepted Answer

The first-in, first-out (FIFO) method assumes that the oldest inventory is sold first. This means that the ending inventory valuation will consist of the most recent inventory purchases.

Match the Items Below by Choosing the Appropriate Code Letter