Examlex
Transfers from an Internal Service fund to another fund are reported in the Internal Service Fund's Statement of Cash Flows as
FIFO
First In, First Out (FIFO) is an inventory valuation method where the costs of the oldest items are the first to be expensed, used to calculate cost of goods sold.
Cost Of Goods Sold
The specific costs involved in producing goods for sale by a company, covering materials and labor.
LIFO Method
"Last In, First Out," an inventory costing method where the most recently produced or purchased items are recorded as sold first.
Year-End Inventory
The total value of a company's merchandise, raw materials, and finished and unfinished products which have not yet been sold, at the end of the fiscal year.
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