last in first... LIFO noun Synonyms for LIFO nouninventory accounting in which the most recently acquired items are assumed to be the first sold Synonyms last in first out Related Words inventory accounting Based on WordNet 3.0, Farlex clipart collection. © 2003-2012 Princeton University, Far...
The last-in, first-out (LIFO) inventory method has been an acceptable accounting method in the U.S. tax code for more than 75 years. Read more December 6, 2017 LIFO Blog, LIFO in the News, LIFO Insights October ’17 CPI Highlights Shown below are historical inflation rates through...
3、During a period of rising price and stable inventory levels, using the LIFO inventoryaccounting method results in cost of goods sold (COGS) that is:【单选题】 A. less than COGS using the FIFO method. B. equal to COGS using the FIFO method. C. greater than COGS using the FIFO method...
Given the financial data above, what is the inventory turnover for Paramount Corporation using FIFO inventory valuation method: A. 5.67. B. 5.83. C. 6.13. 2009年调整后COGS:3,120 – 13 – (55 – 72) =3,124 million (我们在这里也要考虑存货呆账( inventory write-downs),关于存货呆账这个话题...
Under IFRS,the accounting method used to account for inventory should be based on the order in which the products are sold relative to when they were put in inventory.Specific identification should be used whenever possible.The LIFO method is prohibited under IFRS because it rarely reflects actual...
A method used by retailers to achieve the LIFO cost flow without tracking individual units. A further advantage is that pools of products are used. This will likely mean less liquidation of LIFO cost layers that would occur with the tracking of individual units. ...
The article discusses the reasons defending the Last in First out Method (LIFO) as an acceptable accounting method. It is stated that one of the reasons is that LIFO satisfies the principles of historical cost, conservatism, reliability, matching, the temporary difference aspect of deferred taxes ...
Free Essays from Studymode | LIFO, last-in-first-out and FIFO, first-in-first-out the two most common inventory accounting methods. The choice of the method...
What should be the unit cost used to determine the value of this unsold inventory? This is the question that LIFO and FIFO methods attempt to answer. Using FIFOUsing the FIFO method of accounting, the unsold inventory is those goods that were acquired most recently. This means that all 1,...
Two alternative methods of inventory costing includefirst in, first out (FIFO), in which the oldest inventory items are recorded as sold first, and theaverage cost method, which takes the weighted average of all units available for sale during the accounting period and uses that average cost to...