provide example for FIFO and LIFO where they can be used ?

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provide example for FIFO and LIFO where they can be used ?

business accounting

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Answer 1

Answer #1

FIFO Stands for FIrst In First Out, First Bought would be consumed first

LIFO Stands for Last In First Out , Last Bought would be consumed first.

Example for FIFO : Food Industry generally follows FIFO method since FIrst bought items should be consumed first or else it would spoil

Example for LIFO : Mining Industry prefer LIFO method since Last Bought (Last digged) would be of more value than the First.

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Answer 2

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provide example for FIFO and LIFO where they can be used ?

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provide example for FIFO and LIFO where they can be used ?

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