Tyson Corporation bought raw materials on April 23, 2008 and also on July 2, 2008. Products produced in the months of May were sold in July. The firm uses FIFO to value its inventory. According to the matching principle, the firm's accountant should associate

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According to FIFO, the inventory acquired first is assumed to be sold first. Therefore, the inventory acquired on April 23 should be associated with the products sold in July, as they were produced in May. The inventory acquired on July 2 would be associated with products produced later.

Tyson Corporation Bought Raw Materials on April 23, 2008 and Also