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What does FIFO stand for in inventory valuation?
What does FIFO stand for in inventory valuation?
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What does FIFO stand for in inventory valuation?
First In, First Out
First In, Final Out
Final In, First Out
Final In, Final Out
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FIFO stands for First In, First Out, meaning the oldest inventory items are sold first.
Questions & Step-by-step Solutions
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Q: What does FIFO stand for in inventory valuation?
Solution:
FIFO stands for First In, First Out, meaning the oldest inventory items are sold first.
Steps: 5
Show Steps
Step 1: Understand that FIFO is an acronym.
Step 2: Know that FIFO stands for 'First In, First Out'.
Step 3: Realize that this method is used in inventory management.
Step 4: Learn that FIFO means the items that were added to inventory first are sold first.
Step 5: Remember that this helps businesses manage their stock effectively.
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