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

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15.5 hours of video
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Access on mobile and TV

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Full Transcript

👉 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 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 → https://www.youtube.com/playlist?list=PL5zKSeS09l31NY9Ecy-eFyrK6UiFzdtAi 🔴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 ▪ 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