Interested to Buy Any Domain ? << Click Here >> for more details...
What is LIFO and FIFO ?
- 5 Answers
- 11598 Views
- I also Faced
- E-Mail Answers
Answers were Sorted based on User's Feedback
Answer / h.r. sreepada bhagi
Both are methods of inventory or stock valuation.
Under LIFO unit value of the latest stock will be applied to
value the stock of goods for closing the books of accounts.
Under FIFO unit value of the earliest stock will be applied
to value the stock of goods for closing the books of accounts.
However for issue of products for sale or materials for
manufacturing, stock from the earliest stock will be issued
- i.e for product/material use Fist in First Out (FIFO)
principle is applied.
| Is This Answer Correct ? | 5 Yes | 0 No |
Answer / syed shakir ali
This Two Types Of Method Using For Stock Valuation At Store
Means In Inventory System .
FIFO Stands For First in First Out.Which stock Added in
latest it will be issued as per this method.
LIFO Stands For Last In Fast Out Old STOCK Issues First as a
priority Both Methods Are Called Inventory Methods.
| Is This Answer Correct ? | 8 Yes | 4 No |
Answer / amit
both are methods of inventory or stock valuation.
Under LIFO unit value of the latest stock will be applied to
value the stock of goods for closing the books of accounts.
Under FIFO unit value of the earliest stock will be applied
to value the stock of goods for closing the books of accounts.
However for issue of products for sale or materials for
manufacturing, stock from the earliest stock will be issued
- i.e for product/material use Fist in First Out (FIFO)
principle is applied.
| Is This Answer Correct ? | 3 Yes | 0 No |
my brother is out of country i have lost his bank passbook when i was going to bank for the entries is their essential to take duplicate pass book can my brother is present for this.
What is GL Master Maintanance
Tell us depreciation and its types?
if i get salary of Rs.12000/- p.m. then as per statutory compliance Is there Tds deduction to be made?????
Financial Accounting
0 Answers Chartered Accountant,
Why don't calculate the depreciation on Land & Devlopment.? Explain.
Your grandfather is 75 years old. He has total savings of Rs.80,000. He expects that he live for another 10 years and will like to spend his savings by then. He places his savings into a bank account earning 10 per cent annually. He will draw equal amount each year- the first withdrawal occurring one year from now in such a way that his account balance becomes zero at the end of 10 years. How much will be his annual withdrawal?
Why did you select accounting as your profession?
Ram supplied to kumar machinery worth rs 2000 in exchange for furniture worth rs 1000, goods for rs800 and cash rs 200. show how this would appears in Ram account ?
we paid bonus how to treat entry and what is the debit and credit
What is marginal costing?
Define executive accounting?
Audit 
