Difference between fifo and lifo

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1. Using the information below -- what was Bala Industries' Cash Flow from Financing for the year ending 6/30/2011?

Increase in inventories $28
Purchased treasury stock $22
Purchased property & equipment $17
Net Income $334
Decrease in accrued income taxes $49
Depreciation & amortization $119
Decrease in accounts payable $17
Increase in accounts receivable $26
Increase in Long-term debt $101

2. The difference between FIFO and LIFO is FIFO refers to the practice of firms, when making sales, assuming that the inventory that came in last (at a higher price) is being sold first. LIFO implies that a firm is selling the lower cost, older inventory first, leaving the higher cost, newer inventory on the balance sheet.

Reference no: EM131069936

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