What is FIFO and LIFO method? FIFO (“First-In, First-Out”) assumes that the oldest products in a company’s inventory have been sold first and goes by those production costs. The LIFO (“Last-In, First-Out”) method assumes that the most recent products in a company’s inventory have been sold first and uses those costs instead. What is FIFO … Continue reading What is FIFO and LIFO method?
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