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lifo method
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lifo method Related: Accounting & Control of Wastage - Material Cost,...
The last in, first out (LIFO) method is used to place an accounting value on inventory. The LIFO method operates under the assumption that the last item of inventory purchased is the first one sold. Picture a store shelf where a clerk adds items from the front, and customers also take their selections from the front; the remaining items of inventory that are located further from the front of the shelf are rarely picked, and so remain on the shelf – that is a LIFO scenario.
The trouble with the LIFO scenario is that it is rarely encountered in practice. If a company were to use the process flow embodied by LIFO, a significant part of its inventory would be very old, and likely obsolete. Nonetheless, a company does not actually have to experience the LIFO process flow in order to use the method to calculate its inventory valuation.
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lifo method Related: Accounting & Control of Wastage - Material Cost,...
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lifo method Related: Accounting & Control of Wastage - Material Cost, Cost Accounting
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lifo method Related: Accounting & Control of Wastage - Material Cost, Cost Accounting for B Com 2024 is part of B Com preparation. The Question and answers have been prepared according to the B Com exam syllabus. Information about lifo method Related: Accounting & Control of Wastage - Material Cost, Cost Accounting covers all topics & solutions for B Com 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for lifo method Related: Accounting & Control of Wastage - Material Cost, Cost Accounting.
lifo method Related: Accounting & Control of Wastage - Material Cost, Cost Accounting for B Com 2024 is part of B Com preparation. The Question and answers have been prepared according to the B Com exam syllabus. Information about lifo method Related: Accounting & Control of Wastage - Material Cost, Cost Accounting covers all topics & solutions for B Com 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for lifo method Related: Accounting & Control of Wastage - Material Cost, Cost Accounting.
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