Question

The FIFO method assumes that units sold are the _________ units acquired and that units remaining in ending inventory are the ________ units purchased.

Answer 1

Answer:

first, last

Explanation:

The FIFO represents the First in first out method in which the inventory that is recently purchased is sold first and the rest of the inventory that is shown in the ending inventory determines this inventory are the last units purchased. This method is helpful for the inventory valuation

Therefore in the given case, the given answers are first and last