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FIFO vs LIFO example
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FIFO vs LIFO example
Inventory cost accounting using the FIFO method versus using the LIFO method. The acronym FIFO stands for First In First Out. The acronym LIFO stands for Last In First Out. Both #FIFO and #LIFO are #costaccounting fictions that can lead to very different numbers of Cost Of Goods Sold and Gross Profit. Let’s work through a visual as well as a numerical example of FIFO versus LIFO. If you are looking for powerful inventory software that’s easy to use, and provides you visibility to your COGS and margins, then try InFlow inventory management software for free: https://inflow.grsm.io/LIFOvsFIFO ⏱️TIMESTAMPS⏱️ 00:00 FIFO vs LIFO 00:24 FIFO vs LIFO example 01:33 How do FIFO and LIFO work 03:04 FIFO vs LIFO inventory accounting 05:31 FIFO LIFO and COGS 09:14 FIFO vs LIFO summary Related videos: FIFO inventory accounting • First In First Out (FIFO) inventory m... FIFO adjustment from standard costing • FIFO adjustment from standard costing LIFO inventory accounting • LIFO method accounting Philip de Vroe (The Finance Storyteller) aims to make strategy, finance and leadership enjoyable and easier to understand. Learn the business and #accounting vocabulary to join the conversation with your CEO at your company. Understand how financial statements work in order to make better stock market investing decisions. Philip delivers #financetraining in various formats: YouTube videos, classroom sessions, webinars, and business simulations. Connect with me through Linked In!
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