when do you use FIFO vs LIFO?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
when do you use FIFO vs LIFO?
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Step 1 Meaning of FIFO and LIFO
First-in-First out method - Under this method goods that are brought at earlier dates are sold first ( Older goods sold first)
Last-in-first out method - Under this method goods that are brought at most recent dates are sold first( Newer goods sold first).
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