Jump to key moments of cost flow assumptions used to account for inventories

Inventory Cost Flow Assumptions | Principles of Accounting
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Inventory Cost Flow Assumptions | Principles of Accounting
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Replying to @i in intro accounting class we learn three inventory cost flow assumptions (specific identification tracks each item and is therefore not an assumption): FIFO (first-in first-out), LIFO (last-in first-out), and average cost. We use these to compute our cost of goods sold. Even though perpetual inventory systems are much more common for large companies, I illustrate these cost flow assumptions using a periodic system. #accounting #study #explained #inventory #lifo #fifo #averagecost
5:49
Replying to @i in intro accounting class we learn three inventory cost flow assumptions (specific identification tracks each item and is therefore not an assumption): FIFO (first-in first-out), LIFO (last-in first-out), and average cost. We use these to compute our cost of goods sold. Even though perpetual inventory systems are much more common for large companies, I illustrate these cost flow assumptions using a periodic system. #accounting #study #explained #inventory #lifo #fifo #averagecost
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TikTokaccountingprofessor
Financial Accounting Cengage Ch. 6 Pt. 1 - Inventory Cost Flow
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Why Cost Flow Assumptions are vital for Accounting || የ FIFO እና የ LIFO መሰረታዊ ልዩነት
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