Question on: JAMB Accounting - 2023
An advantage of FIFO method of stock valuation is that
A
it is calculated at the end of the year
B
its flow of cost is in sequence with the flow of stock
C
it is progressive in nature
D
it serves as a control during inflation
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Correct Option: B
An advantage of FIFO (First-In-First-Out) method of stock valuation is that its flow of cost is in sequence with the flow of stock. This means that the cost of the items sold closely matches the
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