FIFO Periodic Inventory Method

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This video shows how to use the FIFO (first in, first out) cost flow assumption to calculate Cost of Goods Sold (COGS) and ending inventory for a company that uses a periodic inventory system.

Companies that use a periodic inventory system do not make changes to the inventory account when inventory is purchased or sold. Thus, a company using FIFO and a periodic system would wait until the end of the period before adjusting the inventory account or recording Cost of Goods Sold. At the end of the period, the first units purchased would be the first units to flow through Cost of Goods Sold on the Income Statement, whereas the remaining units would comprise the ending inventory on the Balance Sheet.—
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was literally sitting here crying about accounting and your video saved me
thank you

sarahgalassini

I have been struggling to try to understand this the past week, and with just this video it all makes sense...

rubenmen

I love how you explain things, thank you.

ChurchMosque

January 6th, 2021. This man has some insane foresight.

samh.

I love creative accounting methods like these.

MyFinancialFocus

THANKS THAT IS HELPED ME ALOT IN MY ASSESSMENT

nneno

Subscribed! Thank you for this well explained video.

anthonyhendricks

I learned a lot from this video, thank you. I have a question: when you do the physical count, you can get the quantity of the inventory but not the value of the inventory. Could you please explain how did you get the value($1600) for ending inventory?

xyfo

Had to make a stop into DC to get those accounting board games on January 6 2021

growdaddy

Show the general ledger accounts for inventory, purchases etc

mohammedullah

If I have multiple sales, which one do I start with when calculating cost of goods sold in a scenario like this? Is it the one that happened the most recently, or the earliest one?

connornicholas

Thanks, but I have a question how do you get $10 for 40 units in the ending inventory system?

mahirhoq

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