First-in, first-out (FIFO) -inventory costing method assigns to ending merchandise inventory the newestthe most recentcosts incurred during the period
First-in, first-out (FIFO) within the FIFO method, items purchased first could be sold first. as a result, the inventory is valued at the contemporary value of the products purchased.
The finishing stock fee derived from the FIFO method suggests the contemporary value of the product based totally on the most recent item purchased. This technique of calculating ending inventory is shaped by the belief that agencies promote their oldest gadgets first to hold the most modern items in stock.
Last in, first out (LIFO) is any other inventory costing method a company can use to price the price of goods sold. This approach is the alternative of FIFO. in preference to promoting its oldest inventory first, agencies that use the LIFO method sell their most modern stock first.
Learn more about inventory here: https://brainly.com/question/24868116
#SPJ4
