Retailers Attempt to Sell Older Merchandise Before More Recently Acquired

question 338

Multiple Choice

Retailers attempt to sell older merchandise before more recently acquired merchandise is sold. The assumptions made by the ________ method of inventory valuation are most consistent with this approach.

• A) FIFO (first-in, first-out)
• B) LIFO (last-in, first-out)
• C) average costing
• D) accelerated costing

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