Select the One Term That Best Fits Each Definition

Multiple Choice

Select the one term that best fits each definition
-Using the cost of merchandise purchased first to calculate the cost of merchandise sold first.

A) first-in, first-out inventory costing method (FIFO)
B) gross profit method of estimating inventory
C) inventory record
D) last-in, first-out inventory costing method (LIFO)
E) lower of cost or market inventory costing method (LCM)
F) market value
G) stock ledger
H) stock record
I) weighted-average inventory costing method