The Essential Guide to Inventory in Accounting

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In this special compilation video, you’ll learn (almost) everything you need to know about Inventory in Accounting. We’ll start by exploring how Inventory is accounted for in a merchandising business. Then I’ll break down the Periodic and Perpetual Inventory Systems. Finally, I’ll explain how Inventory Cost Flow Assumptions are used to calculate Cost of Goods Sold and Closing Inventory. We’ll cover three key methods:

▪ FIFO (First In, First Out)
▪ LIFO (Last In, First Out)
▪ AVCO (Average Cost Method)

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⏱️TIMESTAMPS
00:00 – Intro
00:41 – What is Inventory?
09:34 – Periodic & Perpetual Inventory Systems
21:41 – FIFO (First In, First Out)
31:27 – LIFO (Last In, First Out)
38:24 – AVCO (Average Cost Method)

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