Changes

===Example===

===Example===

The owners of '''God's World Garden Center''' sell '''SuperPlant''', a premium plant food.  The current SuperPlant inventory as of the end of March is as follows:

The owners of '''God's World Garden Center''' sell '''SuperPlant''', a premium plant food.  The current SuperPlant inventory as of the end of the fiscal year (for this example, December 31) is as follows:

{| class="wikitable"

{| class="wikitable"

|-

|-

! Purchase Date !! Number !! Cost

! Purchase Date !! Number !! Cost

|-

|-

| January || 10 || $10

| October || 10 || $10

|-

|-

| February || 10 || $12

| November || 10 || $12

|-

|-

| March || 15 || $14

| December || 15 || $14

|}

|}

The inventory value as of the end of March is $540.

The inventory value as of the end of the fiscal year is $540.

On April 1 the Eagles Landing Garden Club purchases five units of SuperPlant.  Under FIFO, the five items sold are removed at $10 each (the oldest cost); the remaining inventory is valued as follows: (5 units x $10) + (10 units x $12) + (15 units x $14) = $380.

During January, the Eagles Landing Garden Club purchases five units of SuperPlant, the only sale during the month.  Under FIFO, the five items sold are removed at $10 each (the oldest cost); the remaining inventory is valued as follows: (5 units x $10) + (10 units x $12) + (15 units x $14) = $380.

==LIFO==

==LIFO==