Which method of inventory valuation assumes that the oldest inventory items are

Which method of inventory valuation assumes that the oldest inventory items are sold first?

Which method of inventory valuation assumes that the oldest inventory items are sold first?

Step 1: Understand what inventory valuation means. It is a method used to value the inventory a company has.
Step 2: Learn about different methods of inventory valuation. There are several methods, including FIFO, LIFO, and Weighted Average.
Step 3: Focus on FIFO, which stands for First In, First Out.
Step 4: Know that FIFO means the first items added to inventory are the first ones sold.
Step 5: Realize that using FIFO can impact financial statements, specifically the cost of goods sold and the value of remaining inventory.

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