What is LIFO and FIFO ?
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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 |
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