What is FIFO? First In, First Out Method Explained
Unleashed
JANUARY 22, 2024
FIFO assumes the most recently purchased goods are the last to be resold and the least recently purchased goods are the first to be sold. In accounting, it can be used to calculate your cost of goods sold (COGS) and tax obligations. When using FIFO, we don’t assume that everything purchased costs the same.
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