Examlex
Describe an example (real or imagined) of a biased view of one's own behavior.
Ending Inventory
At the close of an accounting period, the value of products available for sale is calculated by taking the initial inventory, adding any purchases, and then deducting the cost of goods sold.
Cost Flow Assumption
An accounting method that determines the cost of goods sold and ending inventory valuation, examples include FIFO, LIFO, and weighted average.
LIFO
Last In, First Out, is an inventory valuation method assuming that goods purchased last are the first to be sold.
FIFO
First In, First Out, a method used in accounting to manage inventory and financial matters where the first items placed in inventory are the first sold or used.
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