Which inventory costing formula calculates value of closing inventory considering that inventory most recently purchased has not been sold?
The inventory costing formula that calculates the value of closing inventory by assuming that the inventory most recently purchased is still in stock is the First-In-First-Out (FIFO) method. Under this method, the oldest inventory is assumed to be sold first, and the most recently purchased inventory is assumed to be still in stock.
The Reichert Meissel (R.M.) test is used for ?
Match List I with List II