First-In-First-Out and Weighted Average Method
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Please explain the differences between FIFO and Weighted Average Method in the process industry. How are units accounted for? How are costs accounted for? In periods of low inflation what method would make a difference? From a TAX point of view, does it make a difference?
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The expert determines the first-in-first-out and weighted average method are determined.
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The term FIFO stands for First-In-First-Out, which means the first goods or units stored in inventory are the first ones to be sold. Based on the number of units sold in the number of batches, you divide what you paid for the goods, by the ...
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