In the United States, small businesses can choose from one of several inventory accounting methods, including "first in first out," or FIFO; "last in first out," or LIFO; and average cost. Each of ...

Last-in, first-out (LIFO) and first-in, first-out (FIFO) are two common inventory valuation methods used by companies in accounting. Inventory valuation is the process of assigning value to materials, ...