In this accounting lesson, you will learn how to record inventory using the FIFO (First In First Out) Inventory costing under the Periodic Inventory System. We go through an explanation and thorough example of how to calculate the value of closing inventory using FIFO and the cost of sales under the FIFO Periodic Inventory System.
FIFO (First-In-First-Out) Method Accounting - PERPETUAL: • FIFO (First-In-First-O...
Periodic Inventory System Explained with Journal Entry Example: • Inventory Journal Entr...
LIFO Method Accounting - Perpetual: • LIFO (Last-In, First-O...
Perpetual Inventory System Explained with Journal Entry Example: • Inventory Journal Entr...
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