Arif Productions Limited adopts the following convention in valuing issues of raw material to its production line: the assumption is made that the raw materials most recently delivered will remain in the warehouse until all the older inventories of material are used up in production.This valuation convention is commonly described as which of the following?
A)LILO
B)FIFO
C)FILO
D)LIFO

Question

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The Answer of Arif Productions Limited adopts the following convention in valuing issues of raw material to its production line: the assumption is made that the raw materials most recently delivered will remain in the warehouse until all the older inventories of material are used up in production.This valuation convention is commonly described as which of the following?
A)LILO
B)FIFO
C)FILO
D)LIFO

Arif Productions Limited Adopts the Following Convention in Valuing Issues