Inventory methods such as FIFO and LIFO deal more with the flow of costs than with the flow of goods.

Name: Inventory methods such as FIFO and LIFO deal more with the flow of costs than with the flow of goods.
Brand: Quizplus
Rating: 4.9 (32 reviews)

Question

Quizplus · Accepted Answer

FIFO (First-In, First-Out) and LIFO (Last-In, First-Out) are accounting methods used to value inventory and cost of goods sold, focusing on the cost flow assumptions rather than the physical movement of goods.

Inventory Methods Such as FIFO and LIFO Deal More with the Flow