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
In the last subsection, we have implemented a stack by using an array. While a stack is implemented by using arrays, it suffers from the basic restriction of an array - i.e., its s

B i n a ry Search Algorithm is given as follows 1. if (low > high) 2.     return (-1) 3. mid = (low +high)/2; 4. if ( X = = a [mid]) 5.      return (mid); 6.

Searching is the procedure of looking for something: Finding one piece of data that has been stored inside a whole group of data. It is frequently the most time-consuming part of m

A graph with n vertices will absolutely have a parallel edge or self loop if the total number of edges is greater than n-1

Program Insertion of a node into any Circular Linked List Figure depicts a Circular linked list from which an element was deleted. ALGORITHM (Deletion of an element from a

Let us assume a file of 5 records that means n = 5 And k is a sorted array of keys of those 5 records. Let key = 55, low = 0, high = 4 Iteration 1: mid = (0+4)/2 = 2

implement multiple stacks in an array and write different algorithms to perform operations on it

PART- Pest Control Program Prepare a Pest Control Program for the facility that will address the management of Rodents, Insects and Birds. Your Pest Control Program should

Q. Perform implementation of a queue using a singly linked list L. The operations INSER and DELETE should take O (1) time.

Explain the bubble sort algorithm. Answer This algorithm is used for sorting a list. It makes use of a temporary variable for swapping. It compares two numbers at an insta