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#fifo_and_lifo_accounting

FIFO and LIFO accounting

Methods used in managing inventory

FIFO and LIFO accounting are methods used in managing inventory and financial matters involving the amount of money a company has to have tied up within inventory of produced goods, raw materials, parts, components, or feedstocks. They are used to manage assumptions of costs related to inventory, stock repurchases, and various other accounting purposes. The following equation is useful when determining inventory costing methods:

Fri 13th

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FIFO and LIFO accounting FIFO FIFO (computing and electronics) LIFO Outline of accounting Cost of goods sold Inventory Debits and credits Matching principle Participation loan

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