FIFO vs LIFO
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FIFO vs LIFO
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Define FIFO and LIFO and the reasons for using one or the other... | Filo
Define FIFO and LIFO and the reasons for using one or the other…
9 months ago
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Replying to @i in intro accounting class we learn three inventory cost flow assumptions (specific identification tracks each item and is therefore not an assumption): FIFO (first-in first-out), LIFO (last-in first-out), and average cost. We use these to compute our cost of goods sold. Even though perpetual inventory systems are much more common for large companies, I illustrate these cost flow assumptions using a periodic system. #accounting #study #explained #inventory #lifo #fifo #averagecost
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Inventory Valuation Methods #lifo #fifo #inventory #gst #facts#inventory #inventorymanagement
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