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Different cost of goods sold and inventory values us ually result from different cost flow assumptions. During periods of rising prices, FIFO produces lower cost of goods sold, higher ending inventory, and. higher gross profit (and income) than LIFO because FIFO includes the oldest and lowest costs in cost.
Posted in: Inventory costing methods. Under average costing method,the average cost of all similar items in the inventory is computed and used to assign cost to each unit sold. Like FIFO and LIFO methods, this method can also be used in both perpetual inventory system and periodic inventory system.