Ask Experts Questions for FREE Help !
Ask
    lsugarbaker's Avatar
    lsugarbaker Posts: 1, Reputation: 1
    New Member
     
    #1

    Nov 5, 2007, 08:42 PM
    Lifo fifo
    Having trouble understanding LIFO and FIFO.:( :confused:
    KISS's Avatar
    KISS Posts: 12,510, Reputation: 839
    Uber Member
     
    #2

    Nov 5, 2007, 09:15 PM
    First In First Out Stack
    1
    2
    3
    4

    Item #1, then 2, then 3 and then item #4 or more complicated

    Stack
    1
    2
    3
    4
    Let's take item #1 and add a new item #5 so the stack is now

    5
    2
    3
    1

    The next element we take is #5

    Last In First Out Stack
    1
    2
    3
    4... 4 then 3 then 2 then 1

    And if I take an element and add an element
    1
    2
    3
    4
    KISS's Avatar
    KISS Posts: 12,510, Reputation: 839
    Uber Member
     
    #3

    Mar 10, 2008, 08:33 PM
    Mmm! Sarah, Can you do any better? Your disagreement is 4 months late. The original poster had no problems with it.
    morgaine300's Avatar
    morgaine300 Posts: 6,561, Reputation: 276
    Uber Member
     
    #4

    Mar 13, 2008, 12:53 PM
    Quote Originally Posted by KeepItSimpleStupid
    Mmm! Sarah, Can you do any better? Your disagreement is 4 months late. The original poster had no problems with it.
    Sorry, but I have to agree that it was very confusing.

    Although, Sarah, I do have to also agree that it's a bit useless to hand out negative reputations four months after the fact.
    KISS's Avatar
    KISS Posts: 12,510, Reputation: 839
    Uber Member
     
    #5

    Mar 13, 2008, 02:22 PM
    Ah, I was answering based on computer science terms thus the terminology of STACK which is a computer science term and for that matter was necessary to understand how early HP calculators operated using Reverse Polish Notation rather than algebraic.

    If I had paid attention to the category, I would have answered it using accounting examples of say inventory. I learned both. Since, I come from an engineering background, the computer science example term took precedence.

    Sorry, and thanks for the opportunity to clarify my position.

Not your question? Ask your question View similar questions

 

Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.


Check out some similar questions!

Fifo vs Lifo [ 2 Answers ]

618,876,000 (sales) 475,476,000 (cost of goods sold) 143,400,000 (gross profit) 102,112,000 (selling and admin expenses) 41,288,000 (income from operations) 24,712,000 (other expenses) 16,567,000 (income before income tax) 7,728,000 (income taxes) 8,848,000 (net income)

Fifo and lifo [ 3 Answers ]

Can someone help me to solve this question with explanation?It is urgent... I totally don know what is FIFO and LIFO and how to answer the question like this. Sunrise Company draws up its financial statements every 31March. The details of its purchases and sales for the financial year are as...

Fifo and lifo [ 3 Answers ]

Can a company use fifo to account for inventory and then use lifo for reporting financial and tax info and is this what is known as the lifo conformity rule?

Lifo/fifo [ 2 Answers ]

I would appreciate any help I could get on these. This stuff really confuses me. Aug. 1 Balance 200@$3.20 Aug. 2 150@$5.50 Sales Aug. 4 550@$3.10 Purchases Aug. 5 ...

Fifo/lifo [ 1 Answers ]

When using the fifo or lifo method to compute cost of goods sold and ending inventory, how do you determine what goes in the ending inventory column and what goes into the cogs column. Example: Opening Inv. 9,000 units@ $16 Purchase 4/16: 27,000 units @ $18 Purchase 7/28: 30,000 units @ $23 ...


View more questions Search