Interested to Buy Any Domain ? << Click Here >> for more details...
What is LIFO and FIFO ?
- 5 Answers
- 11697 Views
- I also Faced
- E-Mail Answers
Answers were Sorted based on User's Feedback
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 |
What will be the entry when deduct ESI @1.75% from the employees salary?Same as in the time of ESI of employer part @4.75% in tally posting? In PF posting in tally what will be the entry ?
what is the relationship between bookkeeping and accounting?
Private purchases amounting to rs 5000 have been debited to purchases account
what is subscription order
what r the entries related to manufacturing company stock
What are recent changes in Service Tax Reverse Charge by Budget 2012?
what is o2c and cycle
What is Capital Commitments means?
my assessment says that I must post a dishonoured cheque in the general journal not a specialised journal how would I write that I know bank would be credited but what account would be debited???
Tell me how can you define departmental accounting?
What is the entry for provision?
difference between Reserve capital and capital reserve
Audit 
