Solved

FIFO Means That You Will Use the Oldest Products First

Question 22

True/False

FIFO means that you will use the oldest products first. This is advantageous for storeroom purposes and for avoiding spoilage. However, in times of rapid inflation, a FIFO system causes an overvaluation of your inventory.

Correct Answer:

verifed

Verified

Unlock this answer now
Get Access to more Verified Answers free of charge

Related Questions

Q17: What needs to be prepared and signed

Q18: When meats are stored centrally and are

Q19: Which description is not true?<br>A) Storeroom access

Q20: What does a storeroom person need to

Q21: The clerk should verify the supplier, quality,

Q23: The vendors are responsible for proper receiving

Q24: Storeroom security is a vital concern. Stolen

Q25: What is "LIFO"?

Q26: The storeroom clerk should practice:<br>A) FIFO only<br>B)

Q27: The storeroom must be organized logically and