LIFO Cost

Definitions

Cost Expenditure Average Cost FIFO Cost Historical Cost LIFO Cost Replacement Cost Fixed Cost Marginal Cost Opportunity Cost

The expenditure on goods and services required to carry out the operations of an organization. Different methods of defining cost are used in accounting to reflect various aspects of financial reporting and decision making.

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Definitions

Last-In-First-Out (LIFO) Cost

LIFO Accounting Inventory Valuation Costing Methods LIFO Cost

A method of valuing units of raw material or finished goods issued from stock by using the latest unit value for pricing the issues until all the quantity of stock received at that price is used up.

Definitions

Next-In-First-Out Cost (NIFO Cost)

NIFO Cost Inventory Valuation Replacement Cost Raw Materials Finished Goods Stock Valuation Decision Making FIFO Cost LIFO Cost

NIFO cost is a method of valuing units of raw material or finished goods issued from stock by using the next unit price at which a consignment will be received for pricing the issues.