Assuming Konan uses the FIFO method for costing its inventory, the writedown of inventory value for product n-05 is $2.
First Out, unremarkably called FIFO, is an asset-management and valuation methodology within which assets made or nonheritable initial ar oversubscribed, used, or disposed of initial. For tax functions, FIFO assumes that assets with the oldest prices ar enclosed within the financial gain statement's value of products oversubscribed (COGS).
Inventory or stock refers to the products and materials that a business holds for the last word goal of marketing, production or usage. Inventory management may be a discipline primarily concerning specifying the form and placement of equipped merchandise.
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