Which inventory method assumes that the oldest inventory items are sold first?

کون سا انوینٹری طریقہ یہ مانتا ہے کہ سب سے پرانی انوینٹری اشیاء پہلے فروخت کی جاتی ہیں؟

LIFO

Average cost

FIFO

Specific identification

FIFO (First-In, First-Out) assumes that the oldest inventory items (those purchased or produced first) are sold first.

This method is commonly used in industries where inventory is perishable or has a limited shelf life.