Learn how the flow of costs impacts manufacturing firms, covering raw materials, work-in-process, finished goods, and cost of goods sold with practical examples and methods.

FIFO (first in, first out) and LIFO (last in, first out) are inventory management and accounting techniques designed to add consistency to the sales and accounting functions of business, respectively.

The acronyms FIFO and LIFO identify methods for figuring the cost of goods sold when the price of your inventory has changed over time. With LIFO, you determine the price by assuming the most recent ...

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