A company’s inventory cost accounting method can have a direct impact on its primary financial statements – balance sheet, income statement, and statement of cash flows. Businesses can employ one of two inventory accounting procedures under the US generally accepted accounting standards (GAAP) that are first-in, first-out (FIFO), or last-in, first-out (LIFO) inventory valuation methods. …. View detail https://blog.efex.asia/lifo-fifo-inventory-cost-method/