Create an account to use AI

Create a free account to unlock all features:

Ask questions about videos with AI
Use smart search (AI)
Save your favorite videos
Bookmark your favorite categories
Organize your favorite subcategories
Access your personalized favorites page
Access your conversation history
Personalize your homepage with your favorites

Create an account

Already have an account? Log in

How to Calculate LIFO Inventory (Step By Step)

Accounting University

🔥Accelerate Your Grades with the Accounting Student Accelerator! - 85% OFF

Financial Accounting Accelerator 👉 http://bit.ly/fin-acct-review

Managerial Accounting Accelerator 👉 http://bit.ly/aua-mgr

Want to master financial statements? Check out the Full Course Below:

https://www.udemy.com/course/learn-accounting-unlock-the-numbers/?referralCode=1C71DB8E04DB39582920

🔥DOWNLOAD YOUR FREE DEPRECIATION CHEAT SHEET 👉 http://bit.ly/depreciation-cheat-sheet

********************************************************************

LIFO stands for last in first out. The most recent purchased units will leave inventory first when a sale is made.

Throughout this video, I will explain what LIFO is, the essential characteristics you must know, and a full example where I break it down step by step on how to calculate Cost of Goods Sold and Ending Inventory. The LIFO cost flow assumption can be confusing but after watching this video, it will clear things right up!

Take a look!

SUBSCRIBE SO YOU CAN MASTER ACCOUNTING!

https://www.youtube.com/channel/UCCyBG-qtLqfvCdSG34ES8Ag

********************************************************************

Comment Below if you have any questions!

New Videos Every Week Starting April 1, 2019

How to Calculate LIFO Inventory (Step By Step) | Knoovi