tips and advice for accounting on fifo and lifo?

just need some helpful tips on how to fifo and lifo

FIFO is First in First out while LIFO is Last in First out.

For example, your company are selling an iPhone5. The first lot costs you $499, the second and the third are $399 and $299, respectively. Let's set the scene that you sold an iPhone in this month, so your iPhone stock at the end of the month is 2.

If you use FIFO, your ending stock will be $399 + $299 = $698

If you use LIFO, your ending stock will be $499 + $399 = $898

Hope this help!