Calculate Cost of Goods Sold: FIFO Method Explained

Discover how the FIFO method simplifies COGS calculations, using examples and comparisons to enhance your financial ...
Houston Chronicle

The Advantages of FIFO & LIFO Averages

In the United States, small businesses can choose from one of several inventory accounting methods, including "first in first out," or FIFO; "last in first out," or LIFO; and average cost. Each of ...

Understanding Flow of Costs in Manufacturing: Methods and Examples

Learn how the flow of costs impacts manufacturing firms, covering raw materials, work-in-process, finished goods, and cost of ...
NerdWallet

FIFO vs. LIFO: How to Pick an Inventory Valuation Method

Wondering about FIFO vs LIFO? Learn about the two inventory valuation methods and which one is best for you. Many, or all, of the products featured on this page are from our advertising partners who ...
Houston Chronicle

How Would FIFO and LIFO Affect the Income Taxes Paid?

The inventory costing method your company uses directly affects your "cost of goods sold," which is an expense. The higher the expense you report, the lower your net income, and thus the lower your ...