Differentiate between the two common selling methods of LIFO and FIFO

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Explanation:

LIFO and FIFO are methods applied to calculate the cost of goods sold.

FIFO stands for First In, First Out.  This method assumes that the oldest inventory in the company stores is sold first. Inventory means finished goods, work-in-progress, raw material, or purchased goods.

LIFO stands for Last in, First out. Under this valuation methods, the assumption is that the most recent inventory will sell first. Inventory will be valued using the costs of the last unit to arrive.

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