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This article evaluates the relevance of FIFO in process costing and argues for its removal from cost accounting education.

Process Costing in Perspective: Forget Fifo.

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Analysis reveals complexities of FIFO costing in process costing, suggesting a shift towards standard costs.

This article evaluates the relevance of FIFO in process costing and argues for its removal from cost accounting education.
Examines product-costing aspects of process costing
Critiques FIFO method in cost accounting literature
Highlights complexities between FIFO and weighted-average methods
Demonstrates that FIFO is rarely used in practice
Identifies FIFO as unnecessarily complex and theoretically weak
Suggests standard costs as a simpler alternative to FIFO

Horngren et al. (1967) studied this question.

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