Fifo vs. Lifo
Fifoadjective
an accounting method in which goods in inventory are valued at the price of the most recent acquisition of each type of goods, and those used up from inventory are valued at the cost of those first acquired.
Fifonoun
inventory accounting in which the oldest items (those first acquired) are assumed to be the first sold
Lifonoun
inventory accounting in which the most recently acquired items are assumed to be the first sold
