For FIFO it's basically selling the stock you have acquired first, and this is used for perishable goods such as milk (since it expires so quickly you need to sell the older stock first), while LIFO is selling the stock that you have acquired last, the newest you've received, first. For example a business which wants to sell the latest cars so they use this strategy.HeyCould someone please help me with LIFO and FIFO? I don't fully understand it. Like the price the inventory assuming that the last goods purchased are the first goods sold... I don't get it lol why would they do that?
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Business Studies Half Yearly Revision Marathon 2012 (1 Viewer)
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