Identify each item as describing the FIFO method, LIFO method, or average cost method of inventory valuation.

A$.$ Involves calculating the total number of units in the warehouse

FIFO

LIFO

Average cost

B$.$ To determine cost of goods sold, begin with the earliest goods acquired

FIFO

LIFO

Average cost

C$.$ To determine merchandise inventory balance, begin with the earliest goods acquired

FIFO

LIFO

Average cost