Pros and Cons of FIFO and LIFO Methods

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What is LIFO and FIFO and how they cost? Jul 08, 2024
Key Takeaways FIFO (First-In, First-Out) assumes the oldest inventory is sold first, while LIFO (Last-In, First-Out) assumes the newest inventory is sold first. The choice between FIFO and LIFO impacts a company’s balance sheet, income statement, and tax liability. FIFO often results in highe...

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