Under the FIFO method, the percentage of completion of the ending stock must be greater than the percentage of completion of the beginning stock

Question

Quizplus · Accepted Answer

Under the FIFO method, the percentage of completion of the ending stock does not necessarily have to be greater than the percentage of completion of the beginning stock. FIFO (First-In, First-Out) relates to the order in which costs are removed from inventory, not to the progression of completion percentages of the stock.

Under the FIFO Method, the Percentage of Completion of the Ending