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  • hello everyone

  • Jonathan N. Dorn CPA. As you can see this is Lifo and Fifo Inventory

  • valuation, to see how much your inventories worth, and your cost of goods sold

  • worth, and your net income, so this is just really fast how I do it

  • ok, so i got FIFO first-in-first-out, LIFO last in - first out

  • ok, this is how products come in,

  • this is for rising prices too, everything your going to see, is gonna say, oh rising prices and

  • inflation you know, very rarely i would think the prices go down, anyway so

  • 30 10 20 30 This is how you get the inventory, this is how you get your product

  • ok rising prices, well say, you know first batch is $10 second batch $20

  • Third batch $30, okay I kind of think of this like a conveyor belt.

  • alright anyways, first-in-first-out, ok but it comes from this way, always in

  • rising prices, you know right

  • rising prices, look first-in-first-out, would be here !!

  • going to be the first out

  • last in first out, there, so first out means that they sold it, sold it your

  • last you know, out means sold, so that's going to be your cost of goods sold

  • so that's COGS

  • that's inventory, right here, this is going to be your

  • cost of goods sold

  • that's COGS Cost Of Goods Sold

  • here's going to be your inventory !!!! all right

  • got that. so, if you do first in first out your costs are going to be lower

  • ok, inventory is going to be higher

  • now what's that do your income??? If your costs are down, your incomes up. there inverse

  • what about LIFO ?? you do last in first out with rising prices your costs are

  • going to be higher, inventory is going to be lower, and Net income, if your costs are

  • higher, that means you're Net Income is going to be lower

  • alright, see you would think, everyone would just do this. Right? because your incomes lower.

  • Income lower. that means you pay less taxes, but really, if you think about

  • is this , last in first out doesn't make sense

  • so you're saying, the last thing in, so just came

  • off the truck, and that's the first thing you sell ???? What about the stuff sitting on the shelf??

  • we're not going to get into that, but anyways like to keep this short

  • but that's just how fast you can do this, so i will show you how fast

  • you know if you to question or something on a test, you can just fill it in like this

  • FIFO because it's the first one And LIFO 10 20 30

  • first-in-first-out. last in first out COGS COGS Inventory Inventory

  • this is lower, so this is higher, inverse, stays with that, higher, what's the

  • COGS are higher, INV Lower, Net Income Lower

hello everyone

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A2 初級

初心者のための会計 #11/ファイフォとリフォの棚卸し/基礎編 (Accounting For Beginners #11 / Fifo and Lifo Inventory / Basics)

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    陳虹如 に公開 2021 年 01 月 14 日
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