![]() It is not possible to match the cost and revenue in the FIFO method. The effect of both income and balance sheet. LIFO is method affects the income statements of financial statements. LIFO is good when the price level is low or high.įIFO method effect in the balance sheet of financial statements. The average inventory method assumes that using in the smoothes out cost fluctuation by the cost of goods sold.įIFO is good when the price level is high. ![]() Inventory costing method that assumes that the costs of the latest unit purchased are the first to be allocated to cost ooff goods sold. Inventory costing method that assumes that the costs of the earliest goods purchased are the first to be recognized as the cost of goods sold.
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