Answers.com > Wiki Answers > Categories > Uncategorized > Can you switch from lifo to fifo and then back to lifo?

Can you switch from lifo to fifo and then back to lifo?

In: Uncategorized [Edit categories]

Answer:

You cannot switch in between inventory valuation methods to manipulate earnings. Disclosures are required in financial statements for the change in valuation methods.

First answer by ID3497915874. Last edit by ID3497915874. Question popularity: 1 [recommend question].

[report abuse]

Can you answer these Uncategorized questions?

	What is national fruit of Iran?	Answer it!
	Why soft gelatin capsule leak when they containing Potassium iodide?	Answer it!
	What is the width of a standard single wide mobile home?	Answer it!
	What are the answers to mental arithmetic book 6?	Answer it!
	How did you hear about MaxBounty?	Answer it!

Relevant answers:

Is lowe's a lifo or fifo company?
FIFO
What is FIFO and LIFO in basic cookery?
FIFO is "first in, first out", (used basically for rotating stock) but could also be applied to other aspects of cooking. LIFO would be "last in, first out" although I have never heard it before.
Which is a better method LIFO or FIFO?
Generally, the oldest unsold or unutilized inventory items are classified as obsolete either partly or fully. Also, for certain deteriorating items the organisation would use them first to prevent...
Does best buy use FIFO or LIFO?
FIFO motherfoocker
What are the advantages and disadvantages of LIFO and FIFO in accounting?
LIFO (Last In First Out) is generally used for non-perishables so there is less need to physically move the inventory, while FIFO (First In First Out) is used for perishables because it decreases...