What is the difference between FIFO and LIFO?
Chapter19: Pricing Concepts
Section: Chapter Questions
Problem 11DRQ
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What is the difference between FIFO and LIFO?
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Step 1
First In First Out: The process of prioritizing the job by the arrival of the job i.e. which comes first will serves first. Advantage: easy to understand and suitable for bulk quantity items. Disadvantage: If the price of the substance rises rapidly results in the loss of current production cost. Example: queuing system
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