First-In, First-Out Inventory (FIFO Inventory) – Accounting In Focus
9:35
accountinginfocus.com
First-In, First-Out Inventory (FIFO Inventory) – Accounting In Focus
The First-In, First-Out method (the FIFO method), is determining the cost of a sale, the company uses the cost of the oldest (first-in) units in inventory.
Jul 29, 2014
FIFO and LIFO accounting FIFO and LIFO Explained
Replying to @i in intro accounting class we learn three inventory cost flow assumptions (specific identification tracks each item and is therefore not an assumption): FIFO (first-in first-out), LIFO (last-in first-out), and average cost. We use these to compute our cost of goods sold. Even though perpetual inventory systems are much more common for large companies, I illustrate these cost flow assumptions using a periodic system. #accounting #study #explained #inventory #lifo #fifo #averagecost
5:49
Replying to @i in intro accounting class we learn three inventory cost flow assumptions (specific identification tracks each item and is therefore not an assumption): FIFO (first-in first-out), LIFO (last-in first-out), and average cost. We use these to compute our cost of goods sold. Even though perpetual inventory systems are much more common for large companies, I illustrate these cost flow assumptions using a periodic system. #accounting #study #explained #inventory #lifo #fifo #averagecost
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