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→FIFO
==FIFO==
==FIFO==
Under FIFO, items are removed from inventory based on the oldest purchase cost shown in the accounting records. This method generally tracks how inventory is actually sold or removed, especially for items with short shelf lives (such as produce).
Under FIFO, items are removed from inventory based on the oldest purchase cost shown in the accounting records. This method generally tracks how inventory is actually sold or removed, especially for items with short shelf lives (such as produce).
===Example===
The owners of '''God's World Garden Center''' sell '''SuperPlant''', a premium plant food. The current SuperPlant inventory as of the end of March is as follows:
The owners of '''God's World Garden Center''' sell '''SuperPlant''', a premium plant food. The current SuperPlant inventory as of the end of March is as follows: