Match each of the following terms with the appropriate definition.
-An inventory valuation method that assumes that inventory items are sold in the order acquired.
A)Conservatism constraint
B)Inventory turnover
C)Net realizable value
D)Retail inventory method
E)Days' sales in inventory
F)Weighted average inventory method
G)Interim statements
H)LIFO method
I)FIFO method
J)Specific identification method

Question

Quizplus · Accepted Answer

The FIFO (First In, First Out) method assumes that the first items placed in inventory are the first sold, meaning inventory items are sold in the order they are acquired.

Match Each of the Following Terms with the Appropriate Definition