Lifo Method Example at Life

Lifo Method Example. The first five widgets cost $100 each and arrived two days ago. One pair cost $5 and was purchased in january, and the second pair was purchased in february and cost $6 unit.

You now want to record the inventory cost. It receives stock of bricks from the manufacturer on a daily basis; However, the prices keep changing on a daily basis.

The POA tutor

In manufacturing companies, it is used. You can see how for ted, the lifo method may be more attractive than fifo. Let’s say you are the owner of a clothing store and you ordered ten shirts at $10 each. For example, suppose a shop sells one of the two identical pairs of shoes in its inventory.