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3 years ago

fifo uses the cost for cost of goods sold on the income statement and the cost for inventory on the balance sheet.

1 answer:

4 0

fifo uses the oldest cost for cost of goods sold on the income statement and the newest cost for inventory on the balance sheet.

FIFO is an inventory accounting system that means first in, first out. This means that the first goods that are bought are the first that are assumed to be sold and the newest goods are assumed to remain in inventory.

For example, if you purchase 1 unit of a good at $3 on 1/3/21 and a second unit of the good at $5 on 31/03/21. Only one unit of the good is sold If the FIFO method is used, the cost of good sold would be $3 and the ending inventory would be $5.

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3 years ago

fifo uses the ______ cost for cost of goods sold on the income statement and the ______ cost for inventory on the balance sheet.

fifo uses the cost for cost of goods sold on the income statement and the cost for inventory on the balance sheet.