The method used for removing costs from the inventory of goods. The cost flow can be different
from the physical flow of goods. For example, in the U.S. the LIFO cost flow can be used even if
the oldest goods are shipped to the buyer.
Featured Review
"AccountingCoach got me through university without a tutor! Invaluable resource, even after school!! Thank you so much for providing such a useful, accurate and easy to understand resource! Well worth the membership fee! I got an A+ in my accounting classes!" - Lynn A.
Join PRO or PRO Plus and Get Lifetime Access to Our Premium Materials
Read all 2,645 reviewsWe now offer 10 Certificates of Achievement for Introductory Accounting and Bookkeeping: