Answer / ankita

lifo is last-in-first-out and fifo is first-in-first-out.it
is mainly used in stock valuation and stores ledger.

Answer / deepak

It method used in stock valuation & stores ledger
lifo: Last-in-first-out
according to this method whats last in he first out.

fifo: first-in-first-out
according to this method whats first in he first out.

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.

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.

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.

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