Which inventory valuation method assumes that the oldest units acquired are sold first, leaving the newest units in ending inventory?

Explanation

* FIFO assumes oldest inventory costs are charged to Cost of Goods Sold (COGS), matching recent inventory costs to balance sheet asset values.
* During inflationary periods, FIFO yields lower COGS, higher net income, and higher ending inventory values.
* Prohibited under IFRS is LIFO, whereas FIFO is universally accepted under IFRS and US GAAP.