Farleigh O. Tuvit is a new member of the controller's staff in the same company as you.
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Farleigh O. Tuvit is a new member of the controller's staff in the same company as you. Farleigh has just completed a report that urges the company to adopt the Last-in, First-out (LIFO) method for inventory accounting. The controller is concerned about the recommendation because the cost records are maintained on a FIFO basis. Indeed, the controller has not even heard of using LIFO for process cost accounting. Can you suggest how the controller might resolve the problem?
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