Difference between FIFO and LIFO method

FFO and LIFO is a most used method in accounting. Both of these method is a strategy of charging the cost of the selling of materials. Both of these method concerned with the selling cost of goods. The abrebriation of FIFO is First in First out. On the other hand LIFO is Last in First out. From the definition of FIFO and LIFO anyone can easily make a difference between these strategy. In FIFO and LIFO method of charging the cost of good sold, the difference is found in procurement price of materials and in the value of closing inventories. But the summation of procured price and clossing inventories are same in both FIFO and LIFO method.