What is the difference between FIFO and LIFO?

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FiFO assumes that the materials are issued out of stock in the order in which they were delivered into stock: issues are priced at the cost of the earliest  delivery remaining in stock .

LIFO assumes that materials are issued out of stock in the reverse order to which they were delivered: the most recent deliveries are issued before earlier ones and are priced accordingly.

FIFO  make the profit become high  compare to life , because the  ending inventory  assumption cost will be from  the   earliest    goods prices

FIFO and LIFO are related to inventory.

FIFO means first in first out which means the stocks / materials which has been received first will be used first and the last purchased stock will be moving out from the stocks / materials at the last and LIFO means the stocks / materials which has been received last / the latest stocks / materials will be used first and the first purchased stocks / materials will be used last.

The difference between them result s from the order in which changing unit costs are removed from inventory and become the cost of the goods sold. *When the unit costs have increased,LIFO will result in a larger cost of goods sold and a smaller ending ....inventory compared with FIFO FIFO assums that the first costs (the oldest costs)of units will be removed on the income statement as the cost of goods sold. * LIFO assumes that the last costs (the most recent actual costs) will be removed from inventory and will be expensed on the income statement as the cost of goods sold regardless of which units were actually shipped to customers.