Inventories and Cost of Goods Sold - Cengage Learning

Inventories and Cost of Goods Sold Key Concepts: n ... recently paid prices, working backward in time • LIFO , or Last In, First Out , is the opposite of FIFO: assumes that the costs of the last units purchased are the first to be used to value cost of goods sold, working backward in time; ending inventory is costed at oldest unit costs available (beginning i nventory), working forward ... ................
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