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FIFO
A method of inventory valuation where goods first purchased or produced are assumed to be sold or used first, standing for "First In, First Out".
LIFO
Last-In, First-Out (LIFO) is an inventory valuation method whereby the most recently produced or acquired items are sold, used, or disposed of first.
Cost Flow Assumptions
Methods used to assign costs to inventory and goods sold, such as FIFO (First-In, First-Out) or LIFO (Last-In, First-Out).
Unit Cost
The cost incurred to produce, acquire or handle one unit of a product or service.
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