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First In First Out (FIFO) | Inventory Cost Flows
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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 FIFO. You'll discover how the First 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 ⬇️
⏱️TIMESTAMPS
00:00 - Intro
01:02 - When do we need Inventory Cost Flow Assumptions?
02:09 - What are Inventory Cost Flow Assumptions?
02:19 - The three assumptions: FIFO, LIFO and AVCO
02:41 - How FIFO works (First In First Out)
03:01 - Accounting with FIFO - Example
04:02 - Step 1: Draw an Inventory Cost Flow Table
04:19 - Step 2: Enter what you know
06:09 - Step 3: Fill in the blanks
09:00 - Step 4: Cost of Goods Sold and Closing Inventory
09:42 - Advantages of FIFO
10:08 - FIFO vs LIFO vs AVCO
10:20 - Disadvantage of FIFO
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