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

What did I miss? #accounting #financial #intermediate #cpa #tax #pension #lease #cashflow #statement #college #school #career #internship #public #publicaccounting #big4 #deferred #taxes #intro #managerial #fifo #lifo #depreciation #debits #credits

FIFO and LIFO Explained || What Are They || The Difference Between Them

Same Words with Double Meanings ➡️ Homonyms | English Connection Kanchan #shorts

Understanding What My Fourth Graders Say

Understanding the Meaning of Whoopty Doo