For this discussion, we will consider the materials and costs for the installation of a prefinished hardwood floor in the average 250 square foot living room. This pricing will assume that the owner will want to keep costs low and will NOT cover such costs as: Fees associated with the removal of older flooring.
FIFO â What is FIFO? Definition: FIFO is a method of stock valuation that stands for âFirst-In, First-Outâ. This assumes that the first (oldest) units of stock produced or received are also the first ones that are sold.
LIFO, which stands for last in, first out, is a controversial way of accounting for how inventory has been sold. The method is banned under the International Financial Reporting Standards which are the accounting rules followed in the European Union, Japan, Russia, Canada, India and many other countries.