Question

What do LIFO and FIFO mean

Answer 1

Answer:

FIFO and LIFO are cost layering methods used to value the cost of goods sold and ending inventory. LIFO is a contraction of the term "last in, first out," and means that the goods last added to inventory are assumed to be the first goods removed from inventory for sale.

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Answer 2

Answer:

FIFO and LIFO are cost layering methods used to value the cost of goods sold and ending inventory. ... LIFO is a contraction of the term "last in, first out," and means that the goods last added to inventory are assumed to be the first goods removed from inventory for sale.

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