FIFO (first in, first out) is the most common method of accounting for inventory. It assumes that the first items in were the first items sold. When inventory is used to create products, there is ...

Discover the key differences in inventory accounting between GAAP and IFRS, including valuation methods, write-down reversals ...

But there is another option called the Specific Identification (SI) accounting method. Assume you bought several lots of security A over the year while the stock increased in price. You might prefer ...

What Does FIFO Stand For? FIFO stands for ‘First In, First Out’. It is an accounting method used to track the cost of goods sold (COGS). Under FIFO, the cost of inventory purchased first is recognised ...

How much you paid for your cryptocurrency (the cost basis) has a major impact on the taxes you pay when you eventually sell them. Understanding how Specific ID, First in, first out (FIFO) & Highest in ...