What is FIFO?

Entrepreneurial Finance
6th Edition
ISBN:9781337635653
Author:Leach
Publisher:Leach
Chapter15: Harvesting The Business Venture Investment
Section15.5: Outright Sale
Problem 1CC
icon
Related questions
Question

What is FIFO?

Expert Solution
Step 1

FIFO is a type of inventory management system where stock purchased earlier will be sold first and it will be considered as the COGS whereas stock remained unsold will be shown as inventory.

steps

Step by step

Solved in 2 steps

Blurred answer
Knowledge Booster
Secondary Mortgage Market
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, finance and related others by exploring similar questions and additional content below.
Recommended textbooks for you
Entrepreneurial Finance
Entrepreneurial Finance
Finance
ISBN:
9781337635653
Author:
Leach
Publisher:
Cengage
Cornerstones of Cost Management (Cornerstones Ser…
Cornerstones of Cost Management (Cornerstones Ser…
Accounting
ISBN:
9781305970663
Author:
Don R. Hansen, Maryanne M. Mowen
Publisher:
Cengage Learning