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Basic Question 12 of 24
What does the FIFO inventory method assume about the first units purchased?
B. They are the units that remain in ending inventory.
C. They are the only units used in computing average cost.
A. They are the first units sold.
B. They are the units that remain in ending inventory.
C. They are the only units used in computing average cost.
User Contributed Comments 2
| User | Comment |
|---|---|
| jasonkwk1 | FIFO =first in first out |
| gomonzur | Got it right |
I am happy to say that I passed! Your study notes certainly helped prepare me for what was the most difficult exam I had ever taken.
Andrea Schildbach
Learning Outcome Statements
describe general principles of expense recognition, specific expense recognition applications, implications of expense recognition choices for financial analysis and contrast costs that are capitalized versus those that are expensed in the period in which they are incurred
CFA® 2024 Level I Curriculum, Volume 2, Module 2.