Examlex
Order-getting activities are divided into two categories:
FIFO
First-In, First-Out, an inventory valuation method where the first items placed in inventory are the first sold.
LIFO
An inventory valuation approach called Last In, First Out dictates that the newest items in inventory are the first to be accounted for as sold or used.
Cost of Goods Sold
Cost of Goods Sold represents the direct costs attributable to the production of the goods sold by a company, including material, labor, and overhead costs.
Lower-of-Cost
An accounting principle that states inventory is to be recorded at the purchase cost or the market value, whichever is lower.
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