What Is Last In, First Out (LIFO)? Last in, first out (LIFO) is a method used to account for business inventory that records the most recently produced items in a series as the ones that are sold ...

Andriy Blokhin has 5+ years of professional experience in public accounting, personal investing, and as a senior auditor with Ernst & Young. Thomas J. Brock is a CFA and CPA with more than 20 years of ...

Weighted average costing is one among many different types of inventory cost accounting methods that companies use. Other common methods include the more common last-in, first-out, or LIFO method, and ...

The inventory costing method your company uses directly affects your "cost of goods sold," which is an expense. The higher the expense you report, the lower your net income, and thus the lower your ...