Last in first out method, Data Structure & Algorithms

This method is the reverse of FIFO and assumes that each issue of stock is made from latest items received in the enterprises .Thus if the last lot to be received is not sufficient to meet an issue,then the balance is assumed to come from the previous lot received still available.The stock on hand is valued at the cost of the earliest items received and not drawn.Advocates of this method claims that it gives the most accurate representation of profits because it matches revenue with current costs.

The last in first out (LIFO) method of costing materials issued is based on the premise that materials units issued should carry the cost of the most recent purchase, although the physical flow may actually be different. The method assumes that the most recent cost (the approximate cost to replace the consumed units) is most significant in matching cost with revenue in the income determination procedure.

Under LIFO procedures, the objective is to charge the cost of current purchases to work in process or other operating expenses and to leave the oldest costs in the inventory. Several alternatives can be used to apply the LIFO method. Each procedure results in different costs for materials issued and the ending inventory, and consequently in a different profit. It is mandatory, therefore, to follow the chosen procedure consistently.

Posted Date: 2/28/2013 4:43:44 AM | Location : United States

Related Discussions:- Last in first out method, Assignment Help, Ask Question on Last in first out method, Get Answer, Expert's Help, Last in first out method Discussions

Write discussion on Last in first out method
Your posts are moderated
Related Questions
1. Apply the variant Breadth-First Search algorithm as shown in Figure 2 to the attached graph. This variant is used for computing the shortest distance to each vertex from the sta

Midsquare Method :- this operates in 2 steps. In the first step the square of the key value K is taken. In the 2nd step, the hash value is obtained by deleting digits from ends of

Difference among Prism's and Kruskal's Algorithm In Kruskal's algorithm, the set A is a forest. The safe edge added to A is always a least-weight edge in the paragraph that lin

In this unit, we have learned how the stacks are implemented using arrays and using liked list. Also, the advantages and disadvantages of using these two schemes were discussed. Fo

red black tree construction for 4,5,6,7,8,9

Write an algorithm for compound interest.

The first assignment in this course required you to acquire data to enable you to implement the PHYSAT algorithm (Alvain et al. 2005, Alvain et al. 2008) in this second assignment

Define the term array. An array is a way to reference a series of memory locations using the same name. Each memory location is represented by an array element. An  array eleme

Q. Make the 11 item hash table resulting from hashing the given keys: 12, 44, 13, 88, 23, 94, 11, 39, 20, 16 and 5 by making use of the hash function h(i) = (2i+5) mod 11.

Q. What do you understand by the tree traversal? Write down the procedure for traversing a binary tree in preorder and execute it on the following tree.    Ans: Th