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What is the difference between lifo and fifo?

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Question added by GOVINDAN ELAVAZHAGAN , store incharge , cape east ltd
Date Posted: 2019/02/04
Lino Fernandes
by Lino Fernandes , Salesman , Gulf Greeting General Trading L.L.C.

" Lifo" is a method used to account for inventory under lifo, the cost of the most recent products purchased   ( or produced )are .

" Fifo " stands for first in , first out, meaning that the oldest inventory items are record as sold first but do not necessary mean that the exact oldest physical.

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