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What are the advantages and disadvantages of LIFO and FIFO in accounting?
Wiki User
∙ 14y ago
LIFO (Last In First Out) is generally used for non-perishables so there is less need to physically move the inventory, while FIFO (First In First Out) is used for perishables because it decreases loss due to spoilage.
Wiki User
∙ 14y ago
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What is fifo lifo?
Lifo Fifo
What is LIFO method?
what is the difference beyween lifo and fifo
Inventory aging system based on FIFO and LIFO method?
FIFO First in first out LIFO Last in last out
Is weighted average inventory valuation GAAP?
Yes, along with FIFO and LIFO, Weighted average is a generally accepted accounting principle.
Lifo and Fifo advantages and disadvantages?
First in, first out (fifo) is a stores/stock-keeping policy which moves the oldest stock out first, before moving newer stock out into the production lines or on to the shelves for selling to the... Advantages are the upside of something whereas disadvantages are the down side eg. An advantage of having a car is that you can travel large distances quickly and a disadvantage would be fuel costs..
What is fifo lifo?
Lifo Fifo
What stock valuation method is acceptable according to the accounting standard?
they are twoo: FIFO and LIFO
Does Target use the lifo fifo or average-cost inventory method?
fifo
What are the new approaches used in cost accounting?
cost of production report lifo method fifo method
The average inventory on hand at the end of the accounting period in a FIFO is always more than LIFO?
yes
Is Lowe's a lifo or fifo company?
FIFO
What is LIFO method?
what is the difference beyween lifo and fifo
Inventory aging system based on FIFO and LIFO method?
FIFO First in first out LIFO Last in last out
Does best buy use FIFO or LIFO?
FIFO motherfoocker
Why does LIFO order follows in stack and why does FIFO order follows in queue?
LIFO and stack are synonyms, so are FIFO and queue.
The use of LIFO during a long inflationary period can result in?
Significant cash flow advantages over FIFO
Is weighted average inventory valuation GAAP?
Yes, along with FIFO and LIFO, Weighted average is a generally accepted accounting principle.
