As always, this lesson is not intended to be professional advice. This is simply lesson material for ESL students in an introductory Economics and Finance class. Posted here for their use or for helping other students.
Although they might sound more like little dog names (“Here, Fifo!) the terms FIFO, LIFO, and AVCO are actually extremely important terms in Accounting, Supply Chain Management, and Business!
The company wants to know, “What is our Profit this year?” “How much Money did we make?”
Hopefully, you already remember this ~
Profit = Revenue – Cost
This sounds pretty easy! But actually it isn’t -_- . . . . in fact each company may count their profits in a different way!
Let’s look at how this happens Continue reading
Deceptively Blonde 