FIFO vs LIFO example the finance storyteller

by adminHanoiHalongTour



Inventory cost accounting using the FIFO method versus using the LIFO method. The acronym FIFO stands for First In First Out. The acronym LIFO stands for Last In First Out. Both #FIFO and #LIFO are #costaccounting fictions that can lead to very different numbers of Cost Of Goods Sold and Gross Profit. Let’s work through a visual as well as a numerical example of FIFO versus LIFO. If you are looking for powerful inventory software that’s easy to use, and provides you visibility to your COGS and margins, then try InFlow inventory management software for free: ️TIMESTAMPS⏱️ 00:00 FIFO vs LIFO 00:24 FIFO vs LIFO example 01: 33 How do FIFO and LIFO work 03:04 FIFO vs LIFO inventory accounting 05:31 FIFO LIFO and COGS 09:14 FIFO vs LIFO summary Related videos: FIFO inventory accounting FIFO adjustment from standard costing LIFO inventory accounting Philip de Vroe (The Finance Storyteller ) aims to make strategy, finance and leadership enjoyable and easier to understand. Learn the business and #accounting vocabulary to join the conversation with your CEO at your company. Understand how financial statements work in order to make better stock market investing decisions. Philip delivers #financetraining in various formats: YouTube videos, classroom sessions, webinars, and business simulations. Connect with me through Linked In! ,

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FIFO vs LIFO example

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#FIFO #LIFO
FIFO vs LIFO example
the finance storyteller
आप यहां बहुत सारी उपयोगी जानकारी देख सकते हैं।: यहाँ और देखें
आप यहां बहुत सारी उपयोगी जानकारी देख सकते हैं।: यहाँ और देखें

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14 comments

The Finance Storyteller 09/03/2022 - 7:06 Chiều

If you are looking for powerful inventory software that’s easy to use, and provides you visibility to your COGS and margins, then try InFlow inventory management software for free: https://inflow.grsm.io/LIFOvsFIFO

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Flipping University 09/03/2022 - 7:06 Chiều

Prefect video thank you!!!!

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David_Sgnhm 09/03/2022 - 7:06 Chiều

Why do you for FIFO assume that it's 200 x 6$ for February when you said before that only 100 were sold for that month? And why is it 200 for march then, if it were 200 originally? I don't understand !!!

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TheCc064 09/03/2022 - 7:06 Chiều

Hi. Where did the $6.14 come from?

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hushamalsaedy 09/03/2022 - 7:06 Chiều

Thank you, I just saw a meme about this and decided to learn about it. That’s actually really useful information for a small business owner

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classic catastrophe 09/03/2022 - 7:06 Chiều

Thank you sir your explanations are simple and awesome

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Austin W 09/03/2022 - 7:06 Chiều

Hello:

where does the $10 in 50 * $10 = 500 in revenue for both Lifo and Fifo?

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GT 09/03/2022 - 7:06 Chiều

Thank you for the great explanation! Keep it up!

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awillwill 09/03/2022 - 7:06 Chiều

Interesting example. We are always told LIFO always results in lower Gross Profits than FIFO as prices increase. However, in your May example you show how it can be higher in a given month.

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Jason Reardon 09/03/2022 - 7:06 Chiều

Another great video! Thank you very much!!

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YellowOreo 09/03/2022 - 7:06 Chiều

On @6:41 how is the jan 50* $5 500? the math should equal it to 250

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Trevor Manger 09/03/2022 - 7:06 Chiều

is the $10 per unit the price to sell per unit?

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Derek Manning 09/03/2022 - 7:06 Chiều

Thank you for making this great video, very help! Tot Zeins : )

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The Finance Storyteller 09/03/2022 - 7:06 Chiều

Enjoyed this video? Then subscribe to the channel, and watch my related video on inventory turnover next: https://www.youtube.com/watch?v=uhJV5fbVNYE

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