Tyson Corporation bought raw materials on April 23, 2012 and also on July 2, 2012. Products produced in the months of May were sold in July. The firm uses FIFO to value its inventory. According to the matching principle, the firm's accountant should associate:. 1. the inventory acquired on July 2 with the products sold. 2. the inventory acquired on April 23 with the products sold. 3. Neither of these dates is valid because the products were sold in July. 4. None of the above.

2. the inventory acquired on April 23 with the products sold

Explanation:

Tyson Corporation

As the company uses FIFO it would associate the sales with the inventory bought earliest. FIFO means first in first out the materials bought first would be sold first . The materials bought later would be sold later. In this situation the April 23 inventory is the first purchase so it would be associated with the products sold first in July.

So option 2 is the best option indicating the first purchase sold first.

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