Can you explain LIFO and FIFO?
An example of an AI chatbot conversation about LIFO and FIFO inventory methods.
Can you explain LIFO and FIFO?
Sure! LIFO stands for 'Last In, First Out,' while FIFO means 'First In, First Out.' They are inventory valuation methods.
How does LIFO work in practice?
In LIFO, the most recently purchased items are sold first. This can affect tax calculations and profit reporting.
What are the advantages of using FIFO?
FIFO helps in maintaining fresher inventory and can lead to lower tax liabilities during inflation.
Can you give me an example of each method?
Of course! If you have 100 units bought at $10 and 100 units at $12, under FIFO, you'd sell the $10 units first. Under LIFO, you'd sell the $12 units first.
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