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    logan97530223's Avatar
    logan97530223 Posts: 3, Reputation: 1
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    #1

    Feb 22, 2010, 04:01 PM
    fifo or lifo?
    the balance of the inventory sheet may be unrealistic because inventory on hand is valued at old prices. Is this an eaxmple of a lifo or fifo accounting system?
    morgaine300's Avatar
    morgaine300 Posts: 6,561, Reputation: 276
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    #2

    Feb 23, 2010, 12:39 AM

    Think about what FIFO and LIFO mean. Which one is selling the old prices and which is selling the new prices?

    And this is assuming inflation.
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