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  2. FIFO and LIFO accounting - Wikipedia

    en.wikipedia.org/wiki/FIFO_and_LIFO_accounting

    FIFO and LIFO accounting are methods used in managing inventory and financial matters involving the amount of money a company has to have tied up within inventory of produced goods, raw materials, parts, components, or feedstocks. They are used to manage assumptions of costs related to inventory, stock repurchases (if purchased at different ...

  3. Inventory valuation - Wikipedia

    en.wikipedia.org/wiki/Inventory_valuation

    In certain business operations, taking a physical inventory is impossible or impractical. In such a situation, it is necessary to estimate the inventory cost. Two very popular methods are 1)- retail inventory method, and 2)- gross profit (or gross margin) method. The retail inventory method uses a cost to retail price ratio.

  4. Cost of goods sold - Wikipedia

    en.wikipedia.org/wiki/Cost_of_goods_sold

    Costs of specific goods acquired or made are added to a pool of costs for the type of goods. Under this system, the business may maintain costs under FIFO but track an offset in the form of a LIFO reserve. Such reserve (an asset or contra-asset) represents the difference in cost of inventory under the FIFO and LIFO assumptions.

  5. Inventory - Wikipedia

    en.wikipedia.org/wiki/Inventory

    LIFO considers the last unit arriving in inventory as the first one sold. Which method an accountant selects can have a significant effect on net income and book value and, in turn, on taxation. Using LIFO accounting for inventory, a company generally reports lower net income and lower book value, due to the effects of inflation.

  6. List of business and finance abbreviations - Wikipedia

    en.wikipedia.org/wiki/List_of_business_and...

    This is a list of abbreviations used in a business or financial context. ... FIFO – First In, First Out; ... For example, $225K would be understood to mean $225,000 ...

  7. Lower of cost or market - Wikipedia

    en.wikipedia.org/wiki/Lower_of_Cost_or_Market

    However, the update does not apply to all companies. Companies that use the FIFO (first-in, first-out) and average-cost methods of inventory valuation are required to implement the changes, whereas companies that use the LIFO (last-in, first-out) and retail inventory methods are not affected by the update. [3]

  8. Deion Sanders issues warning to NFL teams: Why they should ...

    www.aol.com/deion-sanders-issues-warning-nfl...

    Colorado head coach Deion Sanders issued a warning to NFL teams Friday − don’t draft Heisman Trophy winner Travis Hunter if you won’t let him play both ways.. Sanders said this on "The Rich ...

  9. IAS 2 - Wikipedia

    en.wikipedia.org/wiki/IAS_2

    IAS 2 also requires the use of the First-in, First-out (FIFO) principle whereby those items which have been in stock the longest are considered to be the items that are being used first, ensuring that those items which are held in inventory at the reporting date are valued at the most recent price. As an alternative, costs of inventories may be ...