Question

Explain why the Last in First out (LIFO) has an edge over First in First out (FIFO) or any
other methods of pricing material issues.

Answer 1

Answer:

Under LIFO, a business records its newest products and inventory as the first items sold. The opposite method is FIFO, where the oldest inventory is recorded as the first sold. ... If the cost of buying inventory were the same every year, it would make no difference whether a business used the LIFO or the FIFO methods.

Answer 2

Answer:

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