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1,090Thanks Joshua for your advise below:
"FIFO (First In First Out) Periodic means the item's actual cost is posted to the GL when received to inventory, the standard cost is posted when the item is transferred, sold, disposed, etc.. "
I would like to ask for further advise :
You have mentioned, when we using FIFO Periodic, "Actual Cost$" will be posted when receiving inventory,
*Does it mean Inventory Amount$ on the Balance Sheet are Actual Cost?
while Sales Revenue on P&L are in Standard Cost?
Please advise..
Thanks.
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