CFAI , mock 5: q23: after adjusted LIFO , FIFO

CFA Level II
#1

I could not understand, it means Nyberg will adjust inventory because he will switch from LIFO to FIFO, or what? why this action come? Thanks.

#2

IASF likes FIFO over LIFO

#3

but in the information from the case, it explicitly said that using GAAP… aladak Wrote: ------------------------------------------------------- > IASF likes FIFO over LIFO

#4

i thought it was because the company was using LIFO to value inventory, but FIFO gives you a more accurate measure of the value of inventory (while LIFO gives you a better measure of COGS). So you want to show the FIFO value of inventory on the BS and the LIFO value of COGS on the IS.