Define the terms FIFO and LIFO.

Name: Define the terms FIFO and LIFO.
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The Answer is FIFO = First-in,first-out: This cost flow assumption designates the cost of the first goods purchased as the cost of the first goods sold.
LIFO = Last-in,first-out: This cost flow assumption designates cost of the last goods purchased as the cost of the first goods sold.

Define the Terms FIFO and LIFO