LIFO Reserve LIFO Effect Explanation Examples Entries

por | Ene 9, 2023 | Bookkeeping

As we know inventory cost under FIFO is higher than cost under LIFO method that is why in the formula above FIFO cost is sum of LIFO reserve and LIFO cost. The LIFO reserve is used by a company when it calculates its inventory and cost of goods using the First in...
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