In periods of declining materials prices, the FIFO method yields the same results. The cost flow assumption is a minor item when inventory costs are relatively stable over the long term, since there will be no particular difference in the cost of goods sold, no matter which cost flow assumption is used.or example: 1  FIFO cost flow assumption. 2  Under the first in, first out method, you assume that the first item purchased is also the first one sold. 3  Thus, the cost of goods sold would be $50. 4  Since this is the lowest-cost item in the example, profits would be highest under FIFO. 5  LIFO cost flow assumption.
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