Which of the following is a method of calculating the value of an inventory?
Point-of-sale
First-in, first-out
Expired stock
Inventory turnover
First-in, first-out
Rationale: The first-in, first-out (FIFO) method is used to calculate the value of an inventory on hand at the end of an accounting period, and the cost of products sold during the period. This method assumes that inventory purchased or manufactured first is sold first, and that newer inventory remains unsold. It can be applied in both periodic and perpetual inventory systems.
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