Question: The FIFO method assumes that the oldest unitsthat is, those F I were the first to be sold; that is, that they were the F

The FIFO method assumes that the oldest units—that is, those F I —were the first to be sold; that is, that they were the F O . The LIFO method assumes the opposite, namely, that the [oldest / newest] units, which were the last in, were the first to be sold; that is, that they were

[last out / first out]; hence the name l ast- i n, f irst- o ut.

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