El Pollo Loco Beverages: Per 1 serving - Calories: 100kcal | Fat: 0.00g | Carbs: 27.00g | Protein: 0.00g. Per 1 serving - Calories: 310kcal | Fat: 0.00g | Carbs: 86.00g | Protein: 0.00g. Per 1 serving - Calories: 260kcal | Fat: 0.00g | Carbs: 70.00g | Protein: 0.00g. Per 1 serving - Calories: 150kcal | Fat: 0.00g | Carbs: 42.00g | Protein: 0.00g.
The FIFO flow concept is a logical one for a business to follow, since selling off the oldest goods first reduces the risk of obsolescence. Under the FIFO method, the earliest goods purchased are the first ones removed from the inventory account.
Example. Let us use the same example as in the article on process costing under weighted average method. Prepare a cost of production report for the packaging department of Company ABC for the month of December 2013 under FIFO method of process costing.Important information is reproduced here.IFO method involves following steps, majority of which are the same as in weighted average method: 1  Preparing the quantity schedule: i.e. reconciling units in the beginning work in process, units added/started during the period, units transferred out and units in ending WIP.