Question
Asked Apr 10, 2019
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How do I calculate FIFO and LIFO?

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Expert Answer

Step 1

Meaning of FIFO:

First in first out means if company purchases any goods for sale purpose then company sold those goods which purchase firstly.

Step 2

Meaning of LIFO

Last in first out means if company purchases the goods for sold purpose then company sold those goods which purchase the goods at the end.

Step 3

Lets take one example which sh...

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