Inventory FIFO, LIFO, Weighted Average Methods

Payroll Playlist
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0:35 Inventory Tracking Explained - Introduction-Specific Identification
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6:13 Inventory Methods Compared FIFO LIFO Weighted Average Method
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14:44 Inventory Costs – Costs Included in Inventory
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23:23 Consistency Concept
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27:09 Lower of Cost or Market
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31:13 Perpetual & Periodic Inventory Systems
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1:15:44 First In First Out (FIFO) Periodic System
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1:50:01 Last In First Out LIFO Periodic
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2:24:11 Weighted Average Periodic System
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2:53:18 First In First Out FIFO Explained
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3:02:30 Last In First Out LIFO Inventory Method Explained
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3:10:11 Average Inventory Method Explained
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We cover inventory costs and cost flows, including what is included in the cost of inventory and how to account for inventory freight costs, inventory insurance costs, and discount. We also discuss inventory flow assumptions including specific identification, first in first out (FIFO), last in first out (LIFO), and weighted average methods. FIFO, LIFO and weighted average methods will be discussed using both a periodic inventory system and a perpetual inventory system
Summary of what will be covered:

Inventory Tracking methods
Specific identification method
First in first out (FIFO) method
Last in first out (LIFO) method
Weighted average method
Inventory costs
Fright
Insurance
Purchase discounts
Periodic system verses a perpetual system.
We discuss FIFO, LIFO, and weighted average under each system.
Key definitions
Comprehensive problem