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What kinds of businesses use the LIFO method?


Can you give an example of how it would be used in one of these businesses?

538 day(s) ago

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BruinCPA 		Any business can use it. It depends what acounting method they use (fifo, lifo, or average...). Generally if a company wants to show greater earnings on its income statement it is better for a company to use Lifo when there is deflation because the cost of goods sold would be last in first out and therefore would result in a lower cost and a higher profit.

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vinwubulldogs 		A business that wanted a lower asset because the base inventory would be at historic cost.

Posted 538 days ago

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