ACC 205 Week 3 DQ1 LIFO vs. FIFO
LIFO vs. FIFO
The controller of Sagehen Enterprises believes that the company should switch from the LIFO method to the FIFO method. The controllerâ€™s bonus is based on the next income. It is the controllerâ€™s belief that the switch in inventory methods would increase the net income of the company. What are the differences between the LIFO and FIFO methods?