Archive for 'ACCOUNTING-BOOKS' Category
WHAT IS LIFO AND FIFO
By admin - Last updated: Wednesday, November 25, 2009
LIFO method is based on the assumption that last item of material purchased is the first to be issued. While FIFO is based on the material first received are the first to issue.
In LIFO price of the last consignment is used for pricing material issues until it is exhausted. In FIFO units issued are priced [...]