LIFO uses the newest unit costs for the cost of goods sold on the income statement and the oldest (A)
LIFO, FIFO, weighted average and particular identification methods are the many inventory valuation techniques. The most often used approach is FIFO, and businesses that produce high-end goods employ the specific identification method.
Last-in, first-out, or LIFO, is a cost flow assumption that is frequently employed by American businesses to transfer costs from inventories to the cost of products sold.
The most recent product costs (or manufacturing costs) are the first costs to be taken out of inventory and compared to the sales revenues shown on the income statement under LIFO. This implies that the inventory still contains the earliest costs.
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