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September 16, 2015

Describe how FIFO affect the cost of goods sold and the valuation of closing stock Describe, but do not calculate, how LIFO and FIFO affect the cost of goods sold and the valuation of closing stock

Describe, but do not calculate, how LIFO and FIFO affect the cost of goods sold and the valuation of closing stock:
(i) when purchase prices are rising
(ii) when purchase prices are falling.

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Describe how FIFO affect the cost of goods sold and the valuation of closing stock Describe, but do not calculate, how LIFO and FIFO affect the cost of goods sold and the valuation of closing stock

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