Accounting:  Inventories

Course Content | Accounting Resources

Part 2:  Inventory Exercise (LIFO, FIFO, Average Cost)

  1. Inventory Video Tutorials
    1. Perpetual Inventory System
    2. Periodic Inventory System
    3. First In, First Out (FIFO) Method
    4. First In, First Out (FIFO) Calculations
    5. Last In, First Out (LIFO) Method
    6. Last In, First Out (LIFO) Calculations
    7. Weighted Average Inventory System
    8. Lower of Cost or Market Rule
  2. Inventory and Cost of Goods Sold
    1. Cost of Goods Sold, When Costs Change, Cost Flow Assumptions
    2. First In, First Out (FIFO) & Periodic Inventory
    3. Last In, First Out (LIFO) & Periodic Inventory
    4. Perpetual FIFO, Perpetual LIFO, Perpetual Average
    5. Specific Identification, LIFO Benefits Without Tracking Units, Inventory Management, Financial Ratios, Estimating Ending Inventory
    6. Methods of Estimating Inventory
  3. LIFO, FIFO, and Weighted Average
    1. Writing Prompts:  FIFO, LIFE, Weighted Average (.pdf form) and Inventory Valuation from Lumen Financial Accounting
    2. Mr. B's Millionaire Game:  Inventory
    3. Mr. B's Spinner Game:  Inventory Valuation
    4. [The] FIFO Method, LIFO Method and Weighted Average Cost
    5. Weighted Average Method
    6. Inventory Costing Methods
    7. Inventory Methods (.pdf)
    8. Target's Inventory Method (.pdf)
  4. Choosing Inventory Method
    1. Advantages & Disadvantages of Average Cost Method
    2. Alternatives for Inventory Valuations (13 pg .pdf)
    1. How to Value Inventory: FIFO, LIFO, or Average?
    2. Effects of Choosing Different Inventory Methods

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