FIFO stands for first in, first out. This means that older inventory is sold first.
Imagine people lining up at store. The people at the front of the line have been there the longest. When a clerk is available, he'll go to the person at the front of the line, he'll speak to the person in the front of the line. In other words, the person that was there the longest is the first one who will get to complete his business and leave the line.
In other words, the first person that was waiting gets to be the first person to leave the line.
You've been briefed with the following facts:
Your inventory of boats was purchased in different quantities and at different prices, as shown below:
Right after updating your inventory records, customers bought 41 boats.