Respuesta :
LIFO and FIFO are inventory costing methods primarily based totally on assumptions that accountants make approximately the glide of stock costs.
Companies assign costs to products during inventory costing, also known as inventory cost accounting. Incidental expenses like storage, administration, and market fluctuations are also included in these expenditures. In order to prevent corporations from overstating these costs, generally accepted accounting standards (GAAP) adopt standardized accounting guidelines.
Inventory costing is a component of inventory management. A supply chain's proper inventory management lowers overall inventory costs and aids in deciding how much of a product a company should hold. All of this data aids businesses in determining the necessary margins to allocate to each product or product category.
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