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# MGT402- ASSIGNMENT NO.1 FALL 2018

The first in, first out (FIFO) method of inventory valuation is a cost flow assumption that the first goods purchased are also the first goods sold.

1. earliest goods purchased are the first ones removed from the inventory account. This results in the remaining items in inventory being accounted for at the most recently incurred costs, so that the inventory asset recorded on the balance sheet contains costs quite close to the most recent costs that could be obtained in the marketplac

example of the First-in, First-out Method

ABC Corporation decides to use the FIFO method for the month of January. During that month, it records the following transactions:

 Quantity Change Actual Unit Cost Actual Total Cost +100 Rs:210 Rs:21,000 Sale -75 Purchase (layer 2) +150 280 42,000 Sale -100 Purchase (layer 3) +50 300 15,000 Ending inventory = 125

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