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FIFO motherfoocker
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∙ 12y ago
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Does Target use the lifo fifo or average-cost inventory method?
fifo
Why does not use FIFO in stack?
A FIFO, or First In First Out is a queue.A stack is a LIFO or Last In First Out.
Are there any tasks that Quickbooks cannot perform?
Quickbooks cannot use LIFO or FIFO for Inventory Costing.
The use of LIFO during a long inflationary period can result in?
Significant cash flow advantages over FIFO
Why would management prefer to use LIFO over FIFO in periods of rising price?
Using lifo in rising prices has benefit that it will charge latest costs which will reduce the profit and hence the tax charge as well.
Differences between stacks and qeues?
stacks work in by the process of (LIFO) last in first out. While queues use the process of (FIFO) first in first out.
With data structures what are the implementations of using LIFO and FIFO?
Think about what each concept means. A FIFO (First In, First Out) stack is like a supermarket queue - people are served in the order in which they arrive in line. You'd use a FIFO stack for a process that requires sequential access to data in arrival order, such as transaction processing. On the other hand, a LIFO (Last In, First Out) stack is like an elevator - the people who board last are nearest the front, so they're the first off in "processing" order. You might use a LIFO stack for something like expression parsing. For example, if you're trying to match up parens, you need to use the "nearest match" rule. That means if you have already stacked two "("s you'd want to pair the most recently-scanned one with the first closing ")" encountered and evaluate the enclosed expression. That means the ")" would pair off with the "(" at the top of your paren stack rather than the bottom; i.e. LIFO.
What is an acceptable method of determining inventory cost under GAAP?
One can use FIFO, LIFO, or Average Costing as acceptable methods for accounting. Standard costing would be an unacceptable answer.
Which one of the following inventory methods is often impractical to use specific identification lifo fifo average cost?
Specific identification....I guess average cost but this turned out to be the right answer :/
What kind of businesses use FIFO?
If inventory goods are perishable, then FIFO is the best method because older goods need to be sold before newer goods. Some companies use LIFO because this strategy means less taxable income (assuming that prices are increasing). Regardless, whatever strategy a business uses for statements it must also use that strategy for income tax preparation.
Actual cost of goods higher than cogs?
There will probably be a discrepancy if the statements use LIFO or FIFO. For instance, if a company uses LIFO and the price of the input was cheaper at an earlier time, then the COGS might be lower than the price paid for inputs during that time period and vice versa.
What expenses are included in COGS?
Cost of Goods Sold (COGS) represents the purchase price of inventory. Companies usually use one of three methods to determine this cost. These are FIFO, LIFO, and average cost.
