Inventory Management Methods: FIFO vs LIFO
June01, 2023
seoadmin
So under FIFO, the cost of goods sold (COGS) for the first sales is $10. That $2 difference would significantly impact the company’s financial statements and tax filing. Choosing FIFO would have the impact of making its profit appear larger for investors. Another advantage is that there’s less wastage when it comes to the deterioration …
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