Photos are intended for general color reference only. Refer to Color Chart for actual color samples. Hawthorne Starfire Acrylic Urethane Auto Paint is a premium quality, single-stage OEM/Refinishing System which provides excellent gloss and durability in an easy to apply economical single-stage package.
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.
1 LIFO (last-in, first-out) is the opposite assumption: The newest units of inventory are sold before older units are sold. 2  The average cost method is a formula for calculating CoGS and ending inventory based upon the average cost per unit of inventory available for sale over a given period. The periodic method of inventory involves doing an inventory count at the end of each period, then mathematically calculating Cost of Goods Sold. 2  FIFO (first-in, first-out) is the assumption that the oldest units of inventory are sold before the newer units.