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When using the FIFO method i’m confused as to why you chose the started with most recent cost (Nov 25th).
I assumed first in first out would mean you value the inventory starting with the oldest date’s valuation of inventory
FIFO means that you always sell the oldest purchases first. That means that the inventory left will always be the most recent purchases.
(Have you watched my free lectures on this? The lectures are a complete free course for Paper F3 and cover everything needed to be able to pass the exam well.)
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