FIFO and LIFO

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June 11, 2015 at 4:44 pm #256421
Makaliki
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Need a brief explanation on how to go about the FIFO and LIFO methods…
June 11, 2015 at 6:14 pm #256446
John Moffat
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You can find about FIFO in the Paper F3 lectures on inventory.

LIFO is not in the syllabus for Paper F3 so that is not covered there. It means working through as with the AVCO method (which is covered in the F3 lectures) but assuming that every time there is a sale then it is the oldest items that are sold.
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