FIFO (First-In, First-Out) explained clearly. Learn how FIFO works, its impact on COGS, profits, taxes, financial ratios, and how FIFO differs from LIFO—essential for CFA and FRM accounting and analysis.

Understanding LIFO (Last-In, First-Out) inventory method explained clearly. Learn how LIFO affects cost of goods sold, profits, taxes, inventory valuation, cash flows, LIFO reserve adjustments, and why LIFO is tested heavily in CFA exams.