what is the accounting method that considers the price of the oldest stocks first?\nfifo\nlifo\nacb\nall of…
what is the accounting method that considers the price of the oldest stocks first?\nfifo\nlifo\nacb\nall of the above
Answer
Answer:
A. FIFO
Brief Explanations:
FIFO (First - In, First - Out) assumes that the oldest (first - in) inventory items are sold first. LIFO (Last - In, First - Out) considers the price of the most recently acquired stocks first. ACB (Adjusted Cost Base) is not related to considering the price of the oldest stocks first in the same way as FIFO.