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Lifo Fifo
what is the difference beyween lifo and fifo
FIFO First in first out LIFO Last in last out
LIFO Reserve
In Lifo method goods received in last are used first in production that is means by last in first out method.
Lifo Fifo
LIFO stands for Last In First Out. Ex: Stack
what is the difference beyween lifo and fifo
a decrease in the LIFO reserve is subtracted from LIFO cost of goods sold.
fifo
Indicates the effect on income if LIFO were not used.
b
FIFO First in first out LIFO Last in last out
LIFO Reserve
In Lifo method goods received in last are used first in production that is means by last in first out method.
There is pretty much only 1 advantage of LIFO: tax deferral.
LIFO and stack are synonyms, so are FIFO and queue.