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How to Calculate Last In, First Out (LIFO) Inventory | Wasp Barcode Technologies

LIFO means last in, first out. The units that were bought most recently will be sold first from the inventory. This video explains the LIFO inventory cost assumption, demonstrates how to calculate LIFO inventory with an example, and shows how LIFO is used to determine Cost of Goods Sold and Ending Inventory. The LIFO cost flow assumption can be difficult to understand, but this video will help clarify it. Resources: Wasp InventoryCloud can track LIFO, FIFO, or moving average for items. Request a Demo today to start calculating your LIFO inventory: https://www.waspbarcode.com/inventory... #accounting #inventorymanagement #waspbarcodetechnologies Wasp Barcode Technologies manufactures barcode inventory systems, asset management software, and inventory control solutions. From barcode scanners, barcode printers, inventory control software, asset tracking, time & attendance systems, Point of Sale (POS) Systems, and a range of barcode labels and barcode accessories, Wasp is here for your asset tracking needs. Contents of this video: 00:00 - [ Intro: What is LIFO ] 01:05 - [ How to Calculate LIFO Inventory with COGS and End Inventory] 02:10 - [ LIFO and Inflation ] 02:30 - [ LIFO Calculation Example ] 03:53 - [ What is the LIFO Reserve? ] 04:40 - [ What is LIFO Liquidation? ] 05:50 - [ Conclusion ]