COST ACCOUNTING
INVENTORY AND PRODUCTION MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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FISH
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LIFO
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HIFO
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FIFO
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Detailed explanation-1: -First In, Still Here (FISH) is an accounting buzzword that describes when companies still have inventory on hand that is not being sold due to inattention or obsolescence.
Detailed explanation-2: -FIFO (first-in-first-out), LIFO (last-in-first-out), and HIFO (highest-in-first-out) are simply different methods used to calculate cryptocurrency gains and losses. To better understand how they work, let’s calculate capital gains on the following transaction using each one of these different accounting methods.
Detailed explanation-3: -Highest in, first out (HIFO) is an inventory distribution and accounting method in which the inventory with the highest cost of purchase is the first to be used or taken out of stock.