LIFO

Sorry for this series of totally irrelevant posts, by now you must be thinking that I am either out of ideas, or totally uninterested about the future of this blog. Neither is true, I am actually spending practically all of my time preparing for ten hours of content I have to deliver at a conference next week, and about which I hope I will post a blog in its own right.

Due to fluctuations in market prices, purchase cost of goods may vary from one purchase to another. Also, you rarely just purchase goods and immediately sell them in the same quantity. What you usually do is that you purchase the goods, then let them sit in the inventory for a while, then you may…