The FIFO inventory method assumes that costs for the most recently purchased items are the first to be charged to the cost of goods sold.

Name: The FIFO inventory method assumes that costs for the most recently purchased items are the first to be charged to the cost of goods sold.
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The FIFO (First-In, First-Out) inventory method assumes that the costs of the earliest purchased items are the first to be charged to the cost of goods sold.

The FIFO Inventory Method Assumes That Costs for the Most