FIFO and LIFO are two common:

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FIFO (first-in, first-out) and LIFO (last-in, first-out) are two common inventory valuation methods that determine the cost of goods sold and the value of inventory on a company's balance sheet. FIFO assumes that the first items purchased are the first items sold, while LIFO assumes that the most recent items purchased are the first items sold. These methods can have a significant impact on a company's financial statements and tax liabilities, and choosing between them requires careful consideration of a company's specific circumstances.

FIFO and LIFO Are Two Common