Last-In, First-Out LIFO Inventory Calculations
Thus, the first 1,700 units sold from the last batch cost $4.53 per unit. The inventory process at the end of a year determines cost of goods sold (COGS) for a business, which will be included on your business tax return. COGS is deducted from your gross receipts (before expenses) unearned revenue to figure your gross profit […]