Last In First Out (LIFO) | Inventory Cost Flows
80.7 هزار بار بازدید -
5 سال پیش
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💥Inventory Cost Flow Assumptions Cheat
💥Inventory Cost Flow Assumptions Cheat Sheet → https://accountingstuff.com/shop
In this video you'll learn about Inventory Cost Flow Assumptions. There are three of these:
▪ FIFO - First In First Out
▪ LIFO - Last In First Out
▪ AVCO - Weighted Average Cost Method
This accounting tutorial focusses on LIFO. You'll discover how the Last In First Out method works and get to practice using it with an example. This episode is part of a mini-series exploring Inventory in Accounting. You can find the link to the whole playlist here ⬇️
🔗Full Inventory Playlist → Accounting for INVENTORY (Mini-Series)
🔴Subscribe for more Accounting Tutorials → https://geni.us/subtothechannel
⏱️TIMESTAMPS
00:00 - Intro
00:48 - What is the Inventory Calculation?
01:04 - What do Inventory Cost Flow Assumptions do?
01:26 - What are Inventory Cost Flow Assumptions?
01:38 - The three assumptions: FIFO, LIFO and AVCO
01:50 - How LIFO works (Last In First Out)
02:01 - Accounting with LIFO - Example
02:57 - Step 1: Draw an Inventory Cost Flow Table
03:10 - Step 2: Enter what you know
04:32 - Step 3: Fill in the blanks
06:52 - Step 4: Cost of Goods Sold and Closing Inventory
07:30 - Advantage of LIFO
07:44 - Disadvantage of LIFO
08:01 - FIFO vs LIFO vs AVCO
🔝 CLOUD ACCOUNTING SOFTWARE
▪ QuickBooks Online USA (FREE TRIAL/DISCOUNT) → http://geni.us/jA9N
▪ QuickBooks Online Canada (FREE TRIAL/DISCOUNT) → https://geni.us/bNN7
▪ Xero (FREE TRIAL) → https://xeroamericas.grsm.io/ck90eoq1...
🔎FAQ
▪ My Favourite Accounting Book for Beginners → http://geni.us/5mKR7m
🚶FOLLOW ME ON
▪ Instagram → Instagram: accountingstuff
▪ TikTok → TikTok: accounting_stuff
▪ Facebook → Facebook: thisisaccountingstuff
🎬LEARN ACCOUNTING BASICS FOR FREE
▪ The Full Playlist → ACCOUNTING BASICS for Beginners (Whol...
________________________
DISCLAIMER
Some of the links above are affiliate links, where I earn a small commission if you click on the link and purchase an item. You are not obligated to do so, but it does help fund these videos in hopes of bringing value to you!
________________________
#accounting #accountingbasics #accountingstuff
In this video you'll learn about Inventory Cost Flow Assumptions. There are three of these:
▪ FIFO - First In First Out
▪ LIFO - Last In First Out
▪ AVCO - Weighted Average Cost Method
This accounting tutorial focusses on LIFO. You'll discover how the Last In First Out method works and get to practice using it with an example. This episode is part of a mini-series exploring Inventory in Accounting. You can find the link to the whole playlist here ⬇️
🔗Full Inventory Playlist → Accounting for INVENTORY (Mini-Series)
🔴Subscribe for more Accounting Tutorials → https://geni.us/subtothechannel
⏱️TIMESTAMPS
00:00 - Intro
00:48 - What is the Inventory Calculation?
01:04 - What do Inventory Cost Flow Assumptions do?
01:26 - What are Inventory Cost Flow Assumptions?
01:38 - The three assumptions: FIFO, LIFO and AVCO
01:50 - How LIFO works (Last In First Out)
02:01 - Accounting with LIFO - Example
02:57 - Step 1: Draw an Inventory Cost Flow Table
03:10 - Step 2: Enter what you know
04:32 - Step 3: Fill in the blanks
06:52 - Step 4: Cost of Goods Sold and Closing Inventory
07:30 - Advantage of LIFO
07:44 - Disadvantage of LIFO
08:01 - FIFO vs LIFO vs AVCO
🔝 CLOUD ACCOUNTING SOFTWARE
▪ QuickBooks Online USA (FREE TRIAL/DISCOUNT) → http://geni.us/jA9N
▪ QuickBooks Online Canada (FREE TRIAL/DISCOUNT) → https://geni.us/bNN7
▪ Xero (FREE TRIAL) → https://xeroamericas.grsm.io/ck90eoq1...
🔎FAQ
▪ My Favourite Accounting Book for Beginners → http://geni.us/5mKR7m
🚶FOLLOW ME ON
▪ Instagram → Instagram: accountingstuff
▪ TikTok → TikTok: accounting_stuff
▪ Facebook → Facebook: thisisaccountingstuff
🎬LEARN ACCOUNTING BASICS FOR FREE
▪ The Full Playlist → ACCOUNTING BASICS for Beginners (Whol...
________________________
DISCLAIMER
Some of the links above are affiliate links, where I earn a small commission if you click on the link and purchase an item. You are not obligated to do so, but it does help fund these videos in hopes of bringing value to you!
________________________
#accounting #accountingbasics #accountingstuff
5 سال پیش
در تاریخ 1398/09/18 منتشر شده
است.
80,764
بـار بازدید شده