when is fifo used over lifo?

Question

what scenario? are these terms even used anymore?........

Answer 1

First in first out is generally used in stock trading. I can't even remember when last in first out is used (maybe inventory?).

Answer 2

They are accounting terms for inventory. First In First Out and Last In First Out.
Inventories reported under LIFO are understated in times of rising prices (which is most of the time). Companies usually disclose the amount of inventory computed under FIFO in the notes section of their financial statements (which is more similar to replacement cost). This usually exceeds the LIFO amount, the difference is LIFO reserve.
Both terms are still in use everyday in any company that has inventory. LIFO is the most predominant. I can't remember the last time I saw FIFO reporting used (aside from determining the LIFO reserve).

Answer 3

fifo and lifo are used everyday by business's of all kinds.
fifo, (first in first out), is commonly used for pershable goods.
lifo has a dramatic effect on the cost of merchandise sold thereby lowering net income.
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Answer 4

LIFO is often used in making people redundant, although many countries now ban it in actual practice, or at least pretend to.