标题: same method to account for COGS and Inventory [打印本页] 作者: sharksfan 时间: 2011-7-11 18:40 标题: same method to account for COGS and Inventory
have been getting some questions confused when they ask for differences in LIFO, FIFO inventory, COGS, and these should not be confusing.
to confirm, companies can only use one method of accounting for COGS and inventory, correct?
guess sometimes get mixed up when they say FIFO COGS vs LIFO inventory and think they are using different methods to account for each.
thanks, john作者: Maddin 时间: 2011-7-11 18:40
Right, you can only use one method. Just remember the two formulas and you should have any COGS or Inv question nailed.