Question: Will technology make FIFO and LIFO obsolete? Given the increased automation in nearly every business with inventory (think of the last time you bought something

Will technology make FIFO and LIFO obsolete?

Given the increased automation in nearly every business with inventory (think of the last time you bought something without a barcode), the costs of the specific identification method are becoming significantly cheaper than they had been. Do you think that all businesses will be using a specific identification method eventually? What are 4the advantages and drawbacks o5f using specific identification rather than LIFO or FIFO? Note that we are asking the question from an accounting perspective, not from the perspective of inventory control.

Financial & Managerial Accounting Read Chapter 5, 6, & 8

Edition: 20

Author: Jan Williams

McGraw Hill

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