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In the U.S., boys and girls are expected to learn two entirely different sets of norms,
FIFO
"First In, First Out," an inventory valuation method where goods first added to inventory are the first ones sold.
Common Cost
An expense that benefits multiple cost objects and cannot be directly traced to any single product or process.
First-in First-out
An inventory valuation method where the costs of the oldest inventory items are charged to cost of goods sold first.
Average Cost
A method of calculating the cost of inventory or assets by taking the weighted average of the costs of all similar items in inventory or all assets acquired during a period.
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