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What does FIFO stand for in inventory valuation?

Practice Questions

Q1
What does FIFO stand for in inventory valuation?
  1. First In, First Out
  2. First In, Final Out
  3. Final In, First Out
  4. Final In, Final Out

Questions & Step-by-Step Solutions

What does FIFO stand for in inventory valuation?
  • 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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