FIFO (first in, first out) and LIFO (last in, first out) are inventory management and accounting techniques designed to add consistency to the sales and accounting functions of business, respectively.

Determining the value of inventory is an important part of accounting. In order to calculate the profit on a sale, a cost must be assigned to the item sold. A business that is selling large amounts of ...

Calculating the cost of goods sold gives a business insight into its performance and helps calculate profit. Many, or all, of the products featured on this page are from our advertising partners who ...