ACCOUNTING BASICS for Beginners (Whole Playlist) - First In First Out (FIFO) | Inventory Cost Flows

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👉 Confused by accounting? Download this free cheat sheet: https://accountingstuff.com 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 ⬇️ 🔗Full Inventory Playlist → https://www.youtube.com/playlist?list=PL5zKSeS09l31NY9Ecy-eFyrK6UiFzdtAi 🔴Subscribe for more Accounting Tutorials → https://geni.us/subtothechannel ⏱️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 🔝 CLOUD ACCOUNTING SOFTWARE ▪ XERO (Free Trial / Discount) → https://xero5440.partnerlinks.io/08mfchsgfw8z ▪ QuickBooks Online USA (Free Trial / Discount) → https://geni.us/quickbooksonlineusa ▪ QuickBooks Online Canada (Free Trial / Discount) → https://geni.us/quickbooksonlinecanada 🔎FAQ ▪ My Favourite Accounting Book for Beginners → http://geni.us/5mKR7m 🚶FOLLOW ME ON ▪ Instagram → https://www.instagram.com/accountingstuff ▪ TikTok → https://www.tiktok.com/@accounting_stuff ▪ Facebook → https://www.facebook.com/thisisaccountingstuff/ 🎬LEARN ACCOUNTING BASICS FOR FREE ▪ The Full Playlist → https://www.youtube.com/playlist?list=PL5zKSeS09l339nB6ujJPQ9Rsv99_b-aTb ________________________ 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

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