Controlling and Costing Materials – Questions and Answers: Questions: List the forms more frequently used in the procurement and use of materials. Should formal purchase requisitions and purchase orders be prepared for the purchase of incidental supplies, services, and repairs? Explain. How is an
LIFO vs. FIFO
LIFO vs FIFO explains the difference between LIFO and FIFO.LIFO stands for Last in first out and FIFO stands for first in first out.FIFO means that goods are currently unsold and LIFO means that goods are added in inventory most recently.