Could please explain the difference between FIFO and LIFO?
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DislikedFIFO: First in First out
LIFO: Last in first out.
They are generally accounting terms used for different methods of calculating stock inventories. For example first in first out means that the first stock bought is the the first stock to be sold.
Last in first out is the other way around.
You can imagine if you are a large company who buys the same product at different points in the year to then re sell, the price difference you buy it for over the year can make the accounting for that stock difficult when at different accounting periods...Ignored