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what is the difference beyween lifo and fifo
Moving average inventory method is not GAAP (generally accepted accounting principles). LIFO (last in, first out) or FIFO (first in, first out) are GAAP. FIFO is the most common method and easy to compute; however LIFO may be used but is much more complicated to compute unless your businesses computer system computes the LIFO computation.
In Lifo method goods received in last are used first in production that is means by last in first out method.
One can use FIFO, LIFO, or Average Costing as acceptable methods for accounting. Standard costing would be an unacceptable answer.
THERE ARE THREE METHODS OF INVENTORY COSTS FLOW. 1: LIFO=first in first out 2; LIFO= last in first out 3: AVERAGE method and your answer is LIFO
cost of production report lifo method fifo method
they are twoo: FIFO and LIFO
what is the difference beyween lifo and fifo
Moving average inventory method is not GAAP (generally accepted accounting principles). LIFO (last in, first out) or FIFO (first in, first out) are GAAP. FIFO is the most common method and easy to compute; however LIFO may be used but is much more complicated to compute unless your businesses computer system computes the LIFO computation.
In Lifo method goods received in last are used first in production that is means by last in first out method.
fifo
One can use FIFO, LIFO, or Average Costing as acceptable methods for accounting. Standard costing would be an unacceptable answer.
b
Last In First Out
THERE ARE THREE METHODS OF INVENTORY COSTS FLOW. 1: LIFO=first in first out 2; LIFO= last in first out 3: AVERAGE method and your answer is LIFO
FIFO First in first out LIFO Last in last out
lifo