If your pharmacy department used the First-In First-Out (FIFO) inventory method at the beginning of your fiscal year, should the Chief Financial Officer use the Last-In First-Out (LIFO) inventory method at the end of the year?a. yesb. noc. not applicable

Question

04-03-2020
Business

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If your pharmacy department used the First-In First-Out (FIFO) inventory method at the beginning of your fiscal year, should the Chief Financial Officer use the Last-In First-Out (LIFO) inventory method at the end of the year?a. yesb. noc. not applicable

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funmilaciousfunmie78 funmilaciousfunmie78 · Answer 1 · 2020-03-05T06:34:18+01:00

Answer:

No, the Chief Financial Officer should not use the Last-In First-Out (LIFO) inventory method at the end of the year

Explanation:

If a different method is always used, then it would not be accurate. With the use of a different method, a different amount is obtained in the end.

It just would not be accurate, so it is very important to use the same method each time.

Thus, the Chief Financial Officer should use the same inventory method First-In First-Out (FIFO) inventory method (used at the beginning of your fiscal year), at the end of the year.