What is the meaning of FIFO in inventory management?First In - First Order First In – First Out

FIFO is .a.Fast Issue Of Fast Order.b.First In First Out.c.Fast In Fast Outd.Fast Investment in Future Order.

Which of the following statements is correct regarding the use of the first-in first-out (FIFO) method of valuing inventory?Cost of sales for the period is calculated using weighted average cost of the goods acquired.Cost of sales for the period is calculated using the most recent inventory cost per item.Closing inventory consists of the most recently purchased goods.Closing inventory consists of goods purchased earlier in the period.

The book describes the Queue as having a FIFO (First-In, First-Out) property. Briefly (in one sentence) explain what this property means with respect to items in the Queue data structure.

Which is the best descirbe of the effect of using different inventory method during of the period of rising price, a Using the Last-In, First-Out (LIFO) method will result in higher ending inventory and higher cost of goods sold, thereby showing higher gross profit compared to the First-In, First-Out (FIFO) method. b Using the First-In, First-Out (FIFO) method will result in lower ending inventory and higher cost of goods sold, thereby showing lower gross profit compared to the Last-In, First-Out (LIFO) method. c Using the First-In, First-Out (FIFO) method will result in higher ending inventory and lower cost of goods sold, thereby showing higher gross profit compared to the Last-In, First-Out (LIFO) method. d Using the Weighted Average Cost (WAC) method will always yield the same ending inventory and cost of goods sold figures irrespective of whether prices are rising or falling.

The FIFO method assumes that:Multiple Choiceeach unit of inventory can be matched with its actual cost.the first units purchased are the first ones sold.the cost of goods sold consists of a random mixture of all goods available for sale.the last units purchased are the first ones sold.