LIFO: The Last In First Out Inventory Method Bench Accounting
Although using the LIFO method will cut into his profit, it also means that Lee will get a tax break. The 220 lamps Lee has not yet sold would still be considered inventory, and their value would be based on the prices not yet used in the calculation. To calculate the Cost of Goods Sold … Read moreLIFO: The Last In First Out Inventory Method Bench Accounting