Which two statements are true about FIFO cost?

Question

Options

• AIt is associated with inventory balances.
• BIt is associated with quantities and receipt dates.
• CIt is used when the standard cost is greater than the average cost.
• DIt is used when it is necessary to issue oldest receipted items in stock first.
• EIt is used when the receipt cost of items that are the newest in stock are considered.

• A
  6% (4)
• B
  14% (9)
• C
  77% (50)
• E
  3% (2)

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