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Under LIFO, the remaining inventory value is lower, since the older and cheaper goods are left in the warehouse and only sold after the new products. Under FIFO, older (and therefore usually cheaper) goods are sold first, leading to a lower average cost of goods sold. FIFO and LIFO also have different impacts on inventory

For instance, if a company previously understated its inventory, it must adjust its opening balances and related financial elements in the period the error is discovered. Once identified, these errors must be corrected by restating prior period financial statements. Equity adjustments are a critical aspect of financial reporting, reflecting the company’s ability to maintain accuracy

This is why a tech company’s Market Value can be dozens of times greater than its Book Value. MV is forward-looking and dynamic, changing every second the stock market is open. It’s what an investor would have to pay, right now, to buy every single share of the company. Historically, great value investors like Benjamin