FIFO vs LIFO – What They Are, and Why They Matter?Published on April 10, 2023 by Stephanie Milne
We looked in a previous article at the methods used to calculate Cost of Good Sold. FIFO and LIFO are two ways of determining that cost. FIFO (First In, First Out) calculates Cost of Goods Sold on the basis that a business’s oldest inventory items are sold first. LIFO (Last In, First Out) on the […]
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