FIFO Vs LIFO Vs Specific identification Method Vs Weighted Average Method ch5

IN this video, I explain FIFO vs LIFO. FIFO (“First-In, First-Out”) assumes that the oldest products in a company's inventory have been sold first and goes by those production costs. The LIFO (“Last-In, First-Out”) method assumes that the most recent products in a company's inventory have been sold first and uses those costs instead.
✔️Accounting students and CPA Exam candidates, check my website for additional resources: farhatlectures.com/
📧Connect with me on social media: linktr.ee/farhatlectures
#CPAEXAM #financialaccounting #accountingstudent