Question

Anybody know how to do FIFO / LIFO Accountancy stuff?

Answer 1

Answer:FIFO (“First-In, First-Out”) assumes that the oldest products in a company's inventory have been sold first and goes by those production costs. The LIFO (“Last-In, First-Out”) method assumes that the most recent products in a company's inventory have been sold first and uses those costs instead.

Step-by-step explanation: