FIFO and LIFO are two common methods used to compute the amortization of tangible assets.

Name: FIFO and LIFO are two common methods used to compute the amortization of tangible assets.
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Quizplus · Accepted Answer

FIFO (First-In, First-Out) and LIFO (Last-In, First-Out) are inventory valuation methods, not methods for computing amortization of tangible assets. Amortization typically applies to intangible assets, while depreciation is used for tangible assets.

FIFO and LIFO Are Two Common Methods Used to Compute