Explain LIFO.? What is the purpose of LIFO?  Use the Thor Industries Case Document to fill in the highlighted cells for 2008. Thor and Winnebago use the LIFO inventory method and Skyline uses the FIFO method. Convert Thor and Winnebago's reported LIFO numbers to FIFO to fill in the chart. This will allow you to make comparisons with Skyline's reported FIFO numbers. Your notes provide all the formulas you need.

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LIFO stands for Last In First Out which is an inventory accounting method where the most recently ac... View the full answer