First-in first-out method (fifo), Business Economics

First-in First-out Method (FIFO)

A technique of inventory valuation based on the concept that merchandise is sold in the order of its acknowledgment. In other words, if an electronics store buys 100 stereos in January and 50 in February, FIFO assumes that the units' buys in January will be sold before the units buys in February.  When inventory is valued with FIFO, cost of products sold is totally based on the cost of older inventory.

Posted Date: 10/17/2012 3:37:39 AM | Location : United States







Related Discussions:- First-in first-out method (fifo), Assignment Help, Ask Question on First-in first-out method (fifo), Get Answer, Expert's Help, First-in first-out method (fifo) Discussions

Write discussion on First-in first-out method (fifo)
Your posts are moderated
Related Questions
What is meant by the term value tree? Value Tree: A value tree gradually decomposes the overall objectives of a project within more exact objectives which can be agreed through

discuss whether indian consumer goods industry is growing at the cost of future profitability

Problem 1: (a) Distinguish between the two broad aspects of globalization. (b) Critically analyse the drivers of globalisation. (c) Discuss, with examples, on the advanta

Three factors which need to be assessed while considering risks are urgency, impact and likelihood. Define what is meant by every of these terms and demonstrate how each might be a

Explain short run costs breifly.. In analyzing factor cost in an environment, accountants and economists speak much the same language. This is become, in a competitive market,

What are the predictions of Lewis? For Lewis, Harrod Domar is right to emphasise the task of savings and investment although structural change and a new industrial sector are

how can a community having water shortages issues be resolved using marginal utility and consumer behaviour

What is the Marshal Plan? Marshal Plan: The Marshal Plan noticed massive aid to post war Europe that led to quick recovery. That Marshal Aid helped but the accurate social

What are economic systems? An economic system is the system of organisations utilized by a society to solve the economic difficulty of what how and for whom to make. There are

In the model with utilities W i = c i + α ln(x i ) where individuals are endowed with ability levels w p m R and form fractions π p , π m , π r with π m > π p , π r