Do most companies use LIFO or FIFO? Employment Security Commission
When the company calculates its profits, it would use the most recent price of $35. In tax statements, it would appear that the company made a profit of only $15. The FIFO method assumes that the oldest inventory units are sold first, while the LIFO method assumes that the most recent inventory units are sold …
Do most companies use LIFO or FIFO? Employment Security Commission Read More »