The Last-In, First-Out (LIFO) inventory costing method assumes that items in ending inventory are the most recently acquired.
LIFO refers to the Last In, First Out. LIFO is a method that assumes that the last unit that has been added in the inventory or more recently, will be sold first.
FIFO stands for First In, First Out. FIFO method assumes that the oldest unit of inventory that has been added first, would be sold first.
Basically, FIFO and LIFO accounting are the inventory costing methods used in managing inventory.
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