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fifo costing method

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  • FIFO and LIFO accounting — methods are means of managing inventory and financial matters involving the money a company ties up within inventory of produced goods, raw materials, parts, components, or feed stocks.LIFO accountingIn LIFO accounting, a historical method of… …   Wikipedia

  • FIFO — First in, first out. A method of accounting for inventory which assumes that goods are sold in the order in which they are purchased, i.e., the oldest items sold first. The other common inventory costing methods include LIFO (last in, first out) …   Black's law dictionary

  • FIFO — First in, first out. A method of accounting for inventory which assumes that goods are sold in the order in which they are purchased, i.e., the oldest items sold first. The other common inventory costing methods include LIFO (last in, first out) …   Black's law dictionary

  • accounting — /euh kown ting/, n. 1. the theory and system of setting up, maintaining, and auditing the books of a firm; art of analyzing the financial position and operating results of a business house from a study of its sales, purchases, overhead, etc.… …   Universalium

  • first-in-first-out cost — FIFO cost A method of valuing units of raw material or finished goods issued from stock based on using the earliest unit value for pricing the issues until all the stock received at that price has been used up. The next latest price is then used… …   Accounting dictionary

  • first-in-first-out cost — FIFO cost A method of valuing units of raw material or finished goods issued from stock based on using the earliest unit value for pricing the issues until all the stock received at that price has been used up. The next latest price is then used… …   Big dictionary of business and management

  • Cost of goods sold — Accountancy Key concepts Accountant · Accounting period · Bookkeeping · Cash and accrual basis · Cash flow management · Chart of accounts  …   Wikipedia

  • Inventory valuation — INVENTORIES AND FINANCIAL STATEMENTS Inventories are usually the largest current asset of a business, and proper measurement of them is necessary to assure accurate financial statements. If inventory is not properly measured, expenses and… …   Wikipedia

  • Inventory — means a list compiled for some formal purpose, such as the details of an estate going to probate, or the contents of a house let furnished. This remains the prime meaning in British English.[1] In the USA and Canada the term has developed from a… …   Wikipedia

  • Management accounting — Accountancy Key concepts Accountant · Accounting period · Bookkeeping · Cash and accrual basis · Cash flow management · Chart of accounts  …   Wikipedia

  • Cost accounting — Accountancy Key concepts Accountant · Accounting period · Bookkeeping · Cash and accrual basis · Cash flow management · Chart of accounts  …   Wikipedia

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