HANDBOOK LIFO AND FIFO METHODS PDF



Handbook Lifo And Fifo Methods Pdf

LIFO and FIFO and their effects on profits and cash flow. Inventory Methods Cost of Goods Sold: 15 units *Find Cost of Goods Sold using FIFO, LIFO, & Avg. Cost Ending Inventory: 14 units *Find Ending Inventory using FIFO, LIFO, & Avg. Cost Average Cost Total Cost = $84.00 = $2.89 per unit Ending Inventory = 14 units x $2.89 = $40.55 Total Unit 29 COGS = …, LIFO vs. FIFO over time ! Different “cost layers” of inventory LIFO FIFO 1@$10 5@10 4@$8 Cumulative difference: EInv FIFO - EInv LIFO = “LIFO Reserve” pretax ! Under increasing input prices, EInv LIFO # EInv FIFO Year 2: $42 $50 Are FIFO firms’ inventories more valuable? 15.514 Summer 2003 Session 6.

LIFO Methods Rules & Regulations

First In First Out (FIFO) Advantages and Disadvantages. 04.08.2015 · Module 7 examines inventory methods of tracking inventory. It explores the differences between FIFO, LIFO and Weighted Average inventory methods. You will learn to prepare inventory records and to record the journal entries related to tracking inventory., FIFO vs. LIFO Accounting FIFO and LIFO are cost layering methods used to value the cost of goods sold and ending inventory. FIFO is a contraction of the term "first in, first out," and means that the goods first added to inventory are assumed to be the first goods removed from inventory for sale..

04.08.2015 · Module 7 examines inventory methods of tracking inventory. It explores the differences between FIFO, LIFO and Weighted Average inventory methods. You will learn to prepare inventory records and to record the journal entries related to tracking inventory. LIFO Inventories and National Income Accounting _ of the significant developments in business account-ing in recent years has been the spread of the last-in first-out (Lifo) inventory method. Lifo is a method of inventory accounting whereby the most recent purchases are first charged to cost of goods sold. Lifo thus reverses the usual

categories, brands or niches related with Applied Numerical Methods With Matlab Solution Manual 3rd Edition PDF. So depending on what exactly you are searching, you will be able to choose ebooks Get lifo fifo and avco with answers PDF file for free from our online library 04.08.2015 · Module 7 examines inventory methods of tracking inventory. It explores the differences between FIFO, LIFO and Weighted Average inventory methods. You will learn to prepare inventory records and to record the journal entries related to tracking inventory.

however, FIFO and LIFO could mean something quite different: FIFO means items exiting a system will be which uses various methods such as anti-trust policy, nationalization as well as other regulatory methods to deter the intention of tax deferral([9] [10]). The problem with this method is the need to measure value of sales every time a sale takes place (e.g. using FIFO, LIFO or AVCO methods). If accounting for sales and purchase is kept separate from accounting for inventory, the measurement of inventory need only be calculated once at the period end.

for years. In food procurement classes, FIFO is taught as a way to control inventory and quality. FIFO is also a system that can be used to track and manage the cost and financial value of your inventory. FIFO is one of the most reliable accounting methods a food bank or pantry can utilize, It assures efficient inventory rotation management. IFRS and the Repeal of LIFO Jonathan Spenser Tipton University of Tennessee - Knoxville, accounting methods between IFRS and GAAP. Some of these include the disallowance of Last-in, First-out making any profit. However, if the company were using FIFO rather than LIFO, they would be reporting cost of goods sold at past prices,

Inventory Record Keeping Methods There are two methods of record keeping for tracking a business’s inventory: periodic and perpetual. The periodic method is done by taking a physical count and costing the inventory over a specific time period (e.g. weekly) to determine the cost of sales. The perpetual method is done by continuously updating the 04.08.2015 · Module 7 examines inventory methods of tracking inventory. It explores the differences between FIFO, LIFO and Weighted Average inventory methods. You will learn to prepare inventory records and to record the journal entries related to tracking inventory.

Application To Use LIFO Inventory Method If “Yes” to line 3a, attach a statement identifying and describing the goods and the LIFO methods used. 4 . a . first-in, first-out (FIFO) method exceeds the inventory amount of such assets under the LIFO method at the close of the C It’s critical that manufacturers, wholesalers and retailers know how to manage inventory, as well as understand the LIFO vs. FIFO inventory valuation methods.If you’re a manufacturer, your inventory is raw materials, work-in-progress and finished goods, and if you’re a …

Lecture 3 scholar.cu.edu.eg. LIFO Inventories and National Income Accounting _ of the significant developments in business account-ing in recent years has been the spread of the last-in first-out (Lifo) inventory method. Lifo is a method of inventory accounting whereby the most recent purchases are first charged to cost of goods sold. Lifo thus reverses the usual, The problem with this method is the need to measure value of sales every time a sale takes place (e.g. using FIFO, LIFO or AVCO methods). If accounting for sales and purchase is kept separate from accounting for inventory, the measurement of inventory need only be calculated once at the period end..

(PDF) FIFO vs. LIFO Accounting ANIMESH KUMAR (PGP 2016

handbook lifo and fifo methods pdf

Balance Sheet Valuation (MM-IM-VP). Managerial Opportunities Post the Last in First Out (LIFO) Methods Peter Harris, Professor and Accounting and Finance Chair, New York institute of Technology, USA disclosure of the difference between the FIFO and LIFO Inventory Balance Sheet values, known as the LIFO Reserve., LIFO Inventories and National Income Accounting _ of the significant developments in business account-ing in recent years has been the spread of the last-in first-out (Lifo) inventory method. Lifo is a method of inventory accounting whereby the most recent purchases are first charged to cost of goods sold. Lifo thus reverses the usual.

Inventory Valuation Practices and Reporting Nigerian

handbook lifo and fifo methods pdf

Exxon Mobil Corporation the Politics of Profit. Inventory Record Keeping Methods There are two methods of record keeping for tracking a business’s inventory: periodic and perpetual. The periodic method is done by taking a physical count and costing the inventory over a specific time period (e.g. weekly) to determine the cost of sales. The perpetual method is done by continuously updating the PDF On Jul 7, 2018, Edori Daniel Simeon and others published Implication of Choice of Inventory Valuation Methods on Profit, Tax and Closing Inventory. lifo-fifo-inventory methods-18448. html . 7. Nosiru, A. A. (20 15). The Tax Effect of FIFO and . LIFO on the profitability of manufacturing..

handbook lifo and fifo methods pdf

  • (PDF) Implication of Choice of Inventory Valuation Methods
  • How can I determine the difference in earnings from using
  • LIFO and FIFO and their effects on profits and cash flow

  • Inventory Record Keeping Methods There are two methods of record keeping for tracking a business’s inventory: periodic and perpetual. The periodic method is done by taking a physical count and costing the inventory over a specific time period (e.g. weekly) to determine the cost of sales. The perpetual method is done by continuously updating the 29.09.2019 · What's the difference between FIFO and LIFO? FIFO and LIFO accounting methods are used for determining the value of unsold inventory, the cost of goods sold and other transactions like stock repurchases that need to be reported at the end of the accounting period. FIFO …

    Inventory Valuation Problems PDF Download. Problem 1: Use the following information of Fatima Malik and Co. A company just starting business made the following four inventory purchases in June 2016: (FIFO, LIFO and Average) and Comparative Cost Sheet from the following data. 03.12.2018 · FIFO and LIFO are cost layering methods used to value the cost of goods sold and ending inventory . FIFO is a contraction of the term "first in, first out," and means that the goods first added to inventory are assumed to be the first goods removed from inventory for sale. LIFO is a c

    PDF In this paper explore their popularity amongst different inventory models and also make emphasis of analysis of different available methods. orga niz ati ons whic h accep ted th e inven tor y a cco unti ng meth ods of FIFO and LIFO . acro ss Euro pe and Un ite d S tat es (Ibar ra, 200 8). Inventory Methods Cost of Goods Sold: 15 units *Find Cost of Goods Sold using FIFO, LIFO, & Avg. Cost Ending Inventory: 14 units *Find Ending Inventory using FIFO, LIFO, & Avg. Cost Average Cost Total Cost = $84.00 = $2.89 per unit Ending Inventory = 14 units x $2.89 = $40.55 Total Unit 29 COGS = …

    however, FIFO and LIFO could mean something quite different: FIFO means items exiting a system will be which uses various methods such as anti-trust policy, nationalization as well as other regulatory methods to deter the intention of tax deferral([9] [10]). A taxpayer that simultaneously changes to the dollar-value LIFO and IPIC methods from another LIFO method must apply the rules of paragraph (f)(2) of this section before applying the rules of paragraph (e)(3)(iv)(B)(1) of this section.

    How can I determine the difference in earnings from using LIFO instead of FIFO? The difference in a corporation's earnings from using LIFO instead of FIFO can be determined by the amounts reported in the balance sheet account LIFO Reserve. Generally, the LIFO Reserve information is found in the notes to the financial statements. 04.08.2015 · Module 7 examines inventory methods of tracking inventory. It explores the differences between FIFO, LIFO and Weighted Average inventory methods. You will learn to prepare inventory records and to record the journal entries related to tracking inventory.

    06.11.2016 · This video will teach you a simple example with the 3 inventories FIFO, LIFO and average method in less than 5 minutes. Thanks for watching ! The closing inventory valuations at the end of May 20-7 under the two methods show total cost prices of: FIFO £71.25 AVCO £65.55 The difference comes about because different inventory valuation methods have been used. effect on profit In the example above, the selling price was £6 per unit.

    Exxon Mobil Corporation: the Politics of Profit∗ “A string of record profits at Exxon Mobil Corp. has drawn howls from some politicians, but earnings at the world’s largest oil company are, by at least one measure, understated.” WSJ, 8/8/06, p. C1 Inventory Methods Cost of Goods Sold: 15 units *Find Cost of Goods Sold using FIFO, LIFO, & Avg. Cost Ending Inventory: 14 units *Find Ending Inventory using FIFO, LIFO, & Avg. Cost Average Cost Total Cost = $84.00 = $2.89 per unit Ending Inventory = 14 units x $2.89 = $40.55 Total Unit 29 COGS = …

    (PDF) FIFO vs. LIFO Accounting ANIMESH KUMAR (PGP 2016

    handbook lifo and fifo methods pdf

    Valuation of Materials Using FIFO Method SAP. A taxpayer that simultaneously changes to the dollar-value LIFO and IPIC methods from another LIFO method must apply the rules of paragraph (f)(2) of this section before applying the rules of paragraph (e)(3)(iv)(B)(1) of this section., Inventory Valuation Problems PDF Download. Problem 1: Use the following information of Fatima Malik and Co. A company just starting business made the following four inventory purchases in June 2016: (FIFO, LIFO and Average) and Comparative Cost Sheet from the following data..

    Ch 8 Class Exercise FIFO LIFO.pdf - Assignment Print

    LIFO vs. FIFO Choosing the Right Inventory Valuation Method. Inventory Valuation Problems PDF Download. Problem 1: Use the following information of Fatima Malik and Co. A company just starting business made the following four inventory purchases in June 2016: (FIFO, LIFO and Average) and Comparative Cost Sheet from the following data., Managerial Opportunities Post the Last in First Out (LIFO) Methods Peter Harris, Professor and Accounting and Finance Chair, New York institute of Technology, USA disclosure of the difference between the FIFO and LIFO Inventory Balance Sheet values, known as the LIFO Reserve..

    A taxpayer that simultaneously changes to the dollar-value LIFO and IPIC methods from another LIFO method must apply the rules of paragraph (f)(2) of this section before applying the rules of paragraph (e)(3)(iv)(B)(1) of this section. categories, brands or niches related with Applied Numerical Methods With Matlab Solution Manual 3rd Edition PDF. So depending on what exactly you are searching, you will be able to choose ebooks Get lifo fifo and avco with answers PDF file for free from our online library

    FIFO and LIFO are two methods of accounting and reporting the value of inventory. FIFO takes the cost of materials purchased first as the cost of goods sold and the cost of materials purchased last as the cost of items still present in the inventory. FIFO and LIFO are two methods of accounting and reporting the value of inventory. FIFO takes the cost of materials purchased first as the cost of goods sold and the cost of materials purchased last as the cost of items still present in the inventory.

    The problem with this method is the need to measure value of sales every time a sale takes place (e.g. using FIFO, LIFO or AVCO methods). If accounting for sales and purchase is kept separate from accounting for inventory, the measurement of inventory need only be calculated once at the period end. Inventory Methods Cost of Goods Sold: 15 units *Find Cost of Goods Sold using FIFO, LIFO, & Avg. Cost Ending Inventory: 14 units *Find Ending Inventory using FIFO, LIFO, & Avg. Cost Average Cost Total Cost = $84.00 = $2.89 per unit Ending Inventory = 14 units x $2.89 = $40.55 Total Unit 29 COGS = …

    It’s critical that manufacturers, wholesalers and retailers know how to manage inventory, as well as understand the LIFO vs. FIFO inventory valuation methods.If you’re a manufacturer, your inventory is raw materials, work-in-progress and finished goods, and if you’re a … 06.11.2019 · First In First Out (FIFO) is one of the cost formulas that help cost assignment for inventory valuation. Entities can easily use FIFO with periodic or perpetual inventory systems. In comparison to other inventory cost flow formulas and valuation methods, FIFO has advantages in some aspects but it is not without disadvantages in some

    06.11.2019 · First In First Out (FIFO) is one of the cost formulas that help cost assignment for inventory valuation. Entities can easily use FIFO with periodic or perpetual inventory systems. In comparison to other inventory cost flow formulas and valuation methods, FIFO has advantages in some aspects but it is not without disadvantages in some LIFO and FIFO and their effects on profits and cash flow during Let us know how access to this document benefits you. Recommended Citation Herzig, Thomas Lee, "LIFO and FIFO and their effects on profits and cash flow during identification, and several retail methods. Two methods, last in, first out (LIFO), and first in

    View Homework Help - Ch 8 Class Exercise - FIFO, LIFO.pdf from ACC 461 at Pace University. 6/22/2015 Assignment Print View Score: 2. Award: 0 out of 0.00 FIFO vs. LIFO Accounting FIFO and LIFO are cost layering methods used to value the cost of goods sold and ending inventory. FIFO is a contraction of the term "first in, first out," and means that the goods first added to inventory are assumed to be the first goods removed from inventory for sale.

    for years. In food procurement classes, FIFO is taught as a way to control inventory and quality. FIFO is also a system that can be used to track and manage the cost and financial value of your inventory. FIFO is one of the most reliable accounting methods a food bank or pantry can utilize, It assures efficient inventory rotation management. Managerial Opportunities Post the Last in First Out (LIFO) Methods Peter Harris, Professor and Accounting and Finance Chair, New York institute of Technology, USA disclosure of the difference between the FIFO and LIFO Inventory Balance Sheet values, known as the LIFO Reserve.

    The closing inventory valuations at the end of May 20-7 under the two methods show total cost prices of: FIFO £71.25 AVCO £65.55 The difference comes about because different inventory valuation methods have been used. effect on profit In the example above, the selling price was £6 per unit. LIFO (LAST IN, FIRST OUT) AND FIFO (FIRST IN, FIRST OUT) George O. May . Since the publication of my monograph, Business Income and Price Levels, requests have come to me to discuss LIFO inventorying, (a) historically, (b) in relation to concepts of income and to other methods of inventorying, and (c) in relation to accounting for other types

    categories, brands or niches related with Applied Numerical Methods With Matlab Solution Manual 3rd Edition PDF. So depending on what exactly you are searching, you will be able to choose ebooks Get lifo fifo and avco with answers PDF file for free from our online library How can I determine the difference in earnings from using LIFO instead of FIFO? The difference in a corporation's earnings from using LIFO instead of FIFO can be determined by the amounts reported in the balance sheet account LIFO Reserve. Generally, the LIFO Reserve information is found in the notes to the financial statements.

    FIFO and LIFO are two methods of accounting and reporting the value of inventory. FIFO takes the cost of materials purchased first as the cost of goods sold and the cost of materials purchased last as the cost of items still present in the inventory. 29.09.2019 · What's the difference between FIFO and LIFO? FIFO and LIFO accounting methods are used for determining the value of unsold inventory, the cost of goods sold and other transactions like stock repurchases that need to be reported at the end of the accounting period. FIFO …

    FIFO vs. LIFO vs. Average Cost Method of Inventory Valuation Assume the following inventory events: November 5 Purchased 800 widgets at $10/unit—Total cost $8,000 November 7 Purchased 300 widgets at $11/unit—Total cost $3,300 November 8 Purchased 320 widgets at $12.25/unit—Total cost $3,920 29.03.2014 · If inflation were nonexistent, then all three of the inventory valuation methods would produce the same exact results. When prices are stable, our bakery would be able to produce all of its bread loaves at $1, and LIFO, FIFO, and average cost would give us a cost of $1 per loaf.

    Repealing the LIFO Inventory Accounting Choice? A Review

    handbook lifo and fifo methods pdf

    How can I determine the difference in earnings from using. however, FIFO and LIFO could mean something quite different: FIFO means items exiting a system will be which uses various methods such as anti-trust policy, nationalization as well as other regulatory methods to deter the intention of tax deferral([9] [10])., 06.11.2019 · First In First Out (FIFO) is one of the cost formulas that help cost assignment for inventory valuation. Entities can easily use FIFO with periodic or perpetual inventory systems. In comparison to other inventory cost flow formulas and valuation methods, FIFO has advantages in some aspects but it is not without disadvantages in some.

    LIFO Methods Rules & Regulations. PDF On Jul 7, 2018, Edori Daniel Simeon and others published Implication of Choice of Inventory Valuation Methods on Profit, Tax and Closing Inventory. lifo-fifo-inventory methods-18448. html . 7. Nosiru, A. A. (20 15). The Tax Effect of FIFO and . LIFO on the profitability of manufacturing., for years. In food procurement classes, FIFO is taught as a way to control inventory and quality. FIFO is also a system that can be used to track and manage the cost and financial value of your inventory. FIFO is one of the most reliable accounting methods a food bank or pantry can utilize, It assures efficient inventory rotation management..

    Difference Between LIFO and FIFO (with Comparison Chart

    handbook lifo and fifo methods pdf

    (PDF) Implication of Choice of Inventory Valuation Methods. 03.12.2018 · FIFO and LIFO are cost layering methods used to value the cost of goods sold and ending inventory . FIFO is a contraction of the term "first in, first out," and means that the goods first added to inventory are assumed to be the first goods removed from inventory for sale. LIFO is a c for years. In food procurement classes, FIFO is taught as a way to control inventory and quality. FIFO is also a system that can be used to track and manage the cost and financial value of your inventory. FIFO is one of the most reliable accounting methods a food bank or pantry can utilize, It assures efficient inventory rotation management..

    handbook lifo and fifo methods pdf


    Exxon Mobil Corporation: the Politics of Profit∗ “A string of record profits at Exxon Mobil Corp. has drawn howls from some politicians, but earnings at the world’s largest oil company are, by at least one measure, understated.” WSJ, 8/8/06, p. C1 LIFO Inventories and National Income Accounting _ of the significant developments in business account-ing in recent years has been the spread of the last-in first-out (Lifo) inventory method. Lifo is a method of inventory accounting whereby the most recent purchases are first charged to cost of goods sold. Lifo thus reverses the usual

    03.12.2018 · FIFO and LIFO are cost layering methods used to value the cost of goods sold and ending inventory . FIFO is a contraction of the term "first in, first out," and means that the goods first added to inventory are assumed to be the first goods removed from inventory for sale. LIFO is a c A taxpayer that simultaneously changes to the dollar-value LIFO and IPIC methods from another LIFO method must apply the rules of paragraph (f)(2) of this section before applying the rules of paragraph (e)(3)(iv)(B)(1) of this section.

    Inventory Valuation Problems PDF Download. Problem 1: Use the following information of Fatima Malik and Co. A company just starting business made the following four inventory purchases in June 2016: (FIFO, LIFO and Average) and Comparative Cost Sheet from the following data. FIFO vs. LIFO vs. Average Cost Method of Inventory Valuation Assume the following inventory events: November 5 Purchased 800 widgets at $10/unit—Total cost $8,000 November 7 Purchased 300 widgets at $11/unit—Total cost $3,300 November 8 Purchased 320 widgets at $12.25/unit—Total cost $3,920

    LIFO (LAST IN, FIRST OUT) AND FIFO (FIRST IN, FIRST OUT) George O. May . Since the publication of my monograph, Business Income and Price Levels, requests have come to me to discuss LIFO inventorying, (a) historically, (b) in relation to concepts of income and to other methods of inventorying, and (c) in relation to accounting for other types FIFO vs. LIFO vs. Average Cost Method of Inventory Valuation Assume the following inventory events: November 5 Purchased 800 widgets at $10/unit—Total cost $8,000 November 7 Purchased 300 widgets at $11/unit—Total cost $3,300 November 8 Purchased 320 widgets at $12.25/unit—Total cost $3,920

    Knowing the difference between LIFO and FIFO, methods of inventory valuation, will help you to understand the methods of valuation of inventory in a better and clear way. The first difference is that in LIFO, the stock in hand represents, oldest stock while in FIFO, the stock in hand is the latest lot of goods. We do need to keep a record of the theoretical us though, depending upon which method we are using. So if we were using FIFO, we would take them from the box nearest the door, but record it as having come from the box in the far corner. it is keeping that tally correct that makes FIFO and LIFO difficult (and fun for examiners to set).

    The standard, however, lays more emphasis on three methods. These are: FIFO, LIFO , and WAP. In line with the Statement of Accounting Standards (SAS) No. 4, the selection of each of these methods is usually guided by the principle however, FIFO and LIFO could mean something quite different: FIFO means items exiting a system will be which uses various methods such as anti-trust policy, nationalization as well as other regulatory methods to deter the intention of tax deferral([9] [10]).

    A taxpayer that simultaneously changes to the dollar-value LIFO and IPIC methods from another LIFO method must apply the rules of paragraph (f)(2) of this section before applying the rules of paragraph (e)(3)(iv)(B)(1) of this section. IFRS and the Repeal of LIFO Jonathan Spenser Tipton University of Tennessee - Knoxville, accounting methods between IFRS and GAAP. Some of these include the disallowance of Last-in, First-out making any profit. However, if the company were using FIFO rather than LIFO, they would be reporting cost of goods sold at past prices,

    How can I determine the difference in earnings from using LIFO instead of FIFO? The difference in a corporation's earnings from using LIFO instead of FIFO can be determined by the amounts reported in the balance sheet account LIFO Reserve. Generally, the LIFO Reserve information is found in the notes to the financial statements. Application To Use LIFO Inventory Method If “Yes” to line 3a, attach a statement identifying and describing the goods and the LIFO methods used. 4 . a . first-in, first-out (FIFO) method exceeds the inventory amount of such assets under the LIFO method at the close of the C

    Inventory Valuation Problems PDF Download. Problem 1: Use the following information of Fatima Malik and Co. A company just starting business made the following four inventory purchases in June 2016: (FIFO, LIFO and Average) and Comparative Cost Sheet from the following data. 29.03.2014 · If inflation were nonexistent, then all three of the inventory valuation methods would produce the same exact results. When prices are stable, our bakery would be able to produce all of its bread loaves at $1, and LIFO, FIFO, and average cost would give us a cost of $1 per loaf.

    LIFO (LAST IN, FIRST OUT) AND FIFO (FIRST IN, FIRST OUT) George O. May . Since the publication of my monograph, Business Income and Price Levels, requests have come to me to discuss LIFO inventorying, (a) historically, (b) in relation to concepts of income and to other methods of inventorying, and (c) in relation to accounting for other types categories, brands or niches related with Applied Numerical Methods With Matlab Solution Manual 3rd Edition PDF. So depending on what exactly you are searching, you will be able to choose ebooks Get lifo fifo and avco with answers PDF file for free from our online library

    for years. In food procurement classes, FIFO is taught as a way to control inventory and quality. FIFO is also a system that can be used to track and manage the cost and financial value of your inventory. FIFO is one of the most reliable accounting methods a food bank or pantry can utilize, It assures efficient inventory rotation management. 06.11.2019 · First In First Out (FIFO) is one of the cost formulas that help cost assignment for inventory valuation. Entities can easily use FIFO with periodic or perpetual inventory systems. In comparison to other inventory cost flow formulas and valuation methods, FIFO has advantages in some aspects but it is not without disadvantages in some

    handbook lifo and fifo methods pdf

    03.12.2018 · FIFO and LIFO are cost layering methods used to value the cost of goods sold and ending inventory . FIFO is a contraction of the term "first in, first out," and means that the goods first added to inventory are assumed to be the first goods removed from inventory for sale. LIFO is a c LIFO vs. FIFO over time ! Different “cost layers” of inventory LIFO FIFO 1@$10 5@10 4@$8 Cumulative difference: EInv FIFO - EInv LIFO = “LIFO Reserve” pretax ! Under increasing input prices, EInv LIFO # EInv FIFO Year 2: $42 $50 Are FIFO firms’ inventories more valuable? 15.514 Summer 2003 Session 6