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FIFO vs LIFO example

YouTubeThe Finance Storyteller

FIFO vs LIFO example

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 ...

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Jump to key moments of FIFO Method vs LIFO Method

From 09:15Summary of FIFO vs LIFO

FIFO vs LIFO example

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