Inventory valuation methods determine the cost of goods sold and the inventory balance.Explain how the First in First out (FIFO) method is applied and provide an example of the impact that this method of inventory valuation will have on Gross Profit.

Inventory valuation methods determine the cost of goods sold and the inventory balance.Explain how the First in First out (FIFO) method is applied and provide an example of the impact that this method of inventory valuation will have on Gross Profit.



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