20Jul
What Is the FIFO Method? A Complete Guide to First-In, First-Out Inventory
However, brands using LIFO usually see a lower valuation for ending inventory and net income, and may not balance sheet reflect actual inventory movement. It is an alternative valuation method and is only legally used by US-based businesses. On the third day, we assign the cost of the three units sold as $5 each. This is because even though we acquired 30 units at the cost of $4 each the same day, we have assumed that the sales have been...
