There are two methods of accounting for inventory that affect a business's reported profits and taxable revenues: FIFO and LIFO. FIFO, first-in first-out, keeps the first inventory stocked on the ...

Small business accountants can use one of four distinct inventory costing methods to account for the cost of goods sold. Different inventory costing methods are best suited to different situations and ...

FIFO indicates first in first out which means the mutual fund units bought first are sold first. Based on this phenomenon, capital gains tax is computed.