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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.

Dear Students Add your gallon and rs values in it:

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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MGT402 Assignment # 1

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