FIFO and LIFO accounting
FIFO
"FIFO" stands for first-in, first-out, meaning that the oldest inventory items are recorded as sold first but do not necessarily mean that the exact oldest physical object has been tracked and sold.

FIFO and LIFO accounting

Section Title: FIFO
Table Section Text: "FIFO" stands for first-in, first-out, meaning that the oldest inventory items are recorded as sold first but do not necessarily mean that the exact oldest physical object has been tracked and sold.

Number of units	Cost

100 units	$50

125 units	$55

75 units	$59

Sentence(s)

The LIFO accounting cost associated with 75 units at $59 and 125 more units at $55.

final_sentence: The LIFO accounting cost associated with 75 units at $59 and 125 more units at $55.