Accountancy, asked by grewalsingh1709, 9 months ago

Why would FIFO method be important to inventory management?

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Answered by cskooo7
20

Answer:

Acceptable Methods for Valuing Inventory

The cost of these items is typically the cost to purchase, so the profit can easily be determined. ... The FIFO method is the standard inventory method for most companies. FIFO gives a lower-cost inventory because of inflation; lower-cost items are usually older.

Answered by Anonymous
2

Answer:

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