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Why books of accounts ( stock) maintained as a FIFO Basis

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(Querist)
27 August 2023 why Books of accounts ( stock) maintained as a FIFO Basis.
is any specific reason.
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CA R SEETHARAMAN

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CA R SEETHARAMAN (Expert)
27 August 2023 As the life of the stock is limited it's better to use/sell the stock first bought/produced.
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