Last in First Out LIFO Definition - What is Last in First ou скачать в хорошем качестве

Last in First Out LIFO Definition - What is Last in First ou

Last in First out LIFO definition including break down of areas in the definition. Analyzing the definition of key term often provides more insight about concepts. Last in First out LIFO can be defined as: Method for assigning cost to inventory that assumes costs for the most recent items purchased are sold first and charged to cost of goods sold. Last in first out LIFO is an inventory assumption method similar to first in first out FIFO or an average inventory method. Last in first out LIFO does not specifically identify the cost of the inventory that is sold. LIFO makes an assumption that the last unit purchased is the first unit sold. The last in first out LIFO inventory assumption can seem counter intuitive because most would assume that we would try to have an inventory cost flow closer to first in first out or FIFO trying to sell the oldest inventory first. In a period of rising prices, a normal period, a last in first out LIFO method will result in a lower net income then a first in first out FIFO method. Why Learn Accounting - Financial Accounting / Managerial Accounting    • Why Learn Accounting - Accounting Beginners   101 Double Entry Accounting System Explained - Accounting Equation    • Double Entry Accounting System Explained 1...   101 Cash vs Accrual - Cash Method / Accrual method differenc    • 101 Cash vs Accrual - Cash Method / Accrua...   101 Revenue Recognition Principle    • 101 Revenue Recognition Principle   Double Entry Accounting System Explained - Balance Sheet    • Double Entry Accounting System Explained -...   101 Income Statement Introduction    • 101 Income Statement Introduction   101 Accounting Objectives - Relevance Reliability Comparability    • 101 Accounting Objectives - Relevance Reli...   101 Transaction Rules - Accounting Equation    • 101 Transaction Rules - Accounting Equation   101 Transaction Throught Process / Steps - Accounting Equation    • 101 Transaction Thought Process / Steps - ...   101 Owner Deposits Cash Transaction Accounting Equation    • 101 Owner Deposits Cash Transaction Accoun...   101 Work Completed for Cash Transaction Accounting Equation    • 101 Work Completed for Cash Transaction Ac...   100.110 Pay Employee with Cash Transaction Accounting Equati    • 100.110 Pay Employee with Cash Transaction...   200 Debits & Credits Normal Balance - Double Entry Accounting Sy    • 200 Debits & Credits Normal Balance - Doub...   200 Debits & Credits - One Rule to Rule Them All    • 200 Debits & Credits - One Rule to Rule Th...