How to calculate an inventory item using First In, First Out (FIFO) and Last In, First Out (LIFO)—and consider the results of each on the balance sheet.

Last in, first out (LIFO) is a method used to account for inventory that records the most recently produced items as sold first.

Maths Tricks for Competitive Exams can help solve questions faster. Check 30 easy and smart shortcuts to boost Quantitative Aptitude for SSC, RRB, and Banking exams.