What type of stock valuation would a vegetable seller ado...
What type of stock valuation would a vegetable seller adopt in valuing it's product?
LIFO
FIFO
Simple average
Weighted average
Correct answer is B
FIFO is a method of stock valuation that stands for 'First-In, First-Out'. This assumes that the first (oldest) units of stock produced or received are also the first ones that are sold. This is also suitable for perishable items
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Sales--------------- 120,000 Purchase-----------100,000 Opening stock-----10,000 Closing stock---...
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