FIFO Vs LIFO - Inventory Valuation Method

FIFO Vs LIFO – Which Is The Best Inventory Valuation Method?

¬†Inventories are the largest current asset of any business. Businesses are often confused about FIFO Vs LIFO. Ideally, there are two inventory valuation methods or accounting methods: LIFO (Last-in, first-out) and FIFO (First-in, first-out). These are two mostly used inventory methods for record keeping that are feasible on accounting standards. Inventory accounting assigns values and…