Mastery card
I can explain LIFO
Assuming the newest stock is sold first for costing.
LIFO (last-in, first-out) assumes the most recently purchased items are sold first, so COGS reflects recent costs and ending inventory may reflect older costs.
Sticky trick
Check your framework: Ind AS/IFRS generally disallow LIFO for reporting.
Take into the room
In plain English, what is LIFO?
Or open the share card ➡️
Or start your own 5-word trail from home.