FIFO inventory costing method assigns to ending merchandise inventory the newest.
The acronym FIFO means "First-In, First-Out." It is a technique used in the computation of cost of goods sold to support cost flow assumptions. The FIFO approach is predicated on the idea that the oldest items in an organization's inventory have already been sold. The computation is based on the prices paid for those earliest products.
First in, first out, or FIFO as it is known in computing and systems theory, is a technique for managing the manipulation of a data structure where the oldest item, or "head" of the queue, is processed first.
Learn more about FIFO here
https://brainly.com/question/24137318
#SPJ4
