Primary Response is due by Saturday (11:59:59pm Central), Peer Responses are due by Tuesday (11:59:59pm Central).
Primary Response: Within the Discussion Board area, write 200250 words that respond to the following questions with your thoughts, ideas, and comments. This will be the foundation for future discussions by your classmates. Be substantive and clear, and use examples to reinforce your ideas.
For this Discussion Board, please complete the following:
First in, first out (FIFO) is an inventory method that applies the costs of the first (oldest) inventory purchases to the cost of goods sold (COGS). Under this method, the first units to come in are assumed to be the first units sold.
Last in, first out (LIFO) is the opposite of the FIFO inventory costing method. In LIFO, the last units purchased or put into inventory are assumed to be the first units sold.
- There are many differences between FIFO and LIFO. Identify 2 of the differences.
- Think of a business that you recently visited. Which inventory method do you think they use, and why?
