Inventory Accounting: FIFO, LIFO, & WAC

Автор: Accounting Academy

Загружено: 2021-09-02

Просмотров: 1960

Описание:

In this video we explore several common inventory accounting techniques. These include:

First in First Out (FIFO)
Last in First Out (LIFO)
Weighted Average Cost (WAC)

We explain how each method works and advantages. FIFO is the most widely utilized, but LIFO is taught in the US along side FIFO. WAC is utilized heavily in several industries and is also a good technique to learn.

Lastly we run through an example across all 3 inventory techniques, so you can see the differences step by step.

0:00 Joke Intro
0:22 FIFO
1:05 LIFO
1:41 WAC
2:18 Example A 1&2
2:45 Ex. A.3
3:43 Ex. A.4
4:07 Ex. A.5
5:25 Close

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Inventory Accounting: FIFO, LIFO, & WAC

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