LIFO and FIFO

System
System Posts: 100,534 🤖 Admin 🤖
edited June 18 in AAT student discussion
Hello,

could anyone give me a revision site or tips for for understanding "lifo and fifo" my txt book is not helping me, it confuses me, and i never get it right.

thx
white tiger :D

Comments

  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:LIFO and FIFO


    In times of rising prices the following applies:

    LIFO = Think L for lowest stock value and lowest gross profit

    FIFO = Think highest closing stock value and highest gross profit

    The opposite would apply in times of deflation.


  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:LIFO and FIFO

    hello,
    thanks for that!!!!

    ill keep that in mind.

    you wouldnt know any revision online, i could do whilst at work!!!

    White tiger
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:LIFO and FIFO

    I get it, now

    IM SOOOOOOO CLEVER hahahahahaha!!!!!!
    thanks for helping stephen murry

    :D

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