The Essential Guide to Inventory in Accounting

👉 Confused by accounting? Download this free cheat sheet: https://accountingstuff.com 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) 🔴Subscribe for more Accounting Tutorials → https://geni.us/subtothechannel ⏱️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) 🔎FAQ ▪ My Favourite Accounting Book for Beginners → http://geni.us/5mKR7m 🔝 CLOUD ACCOUNTING SOFTWARE ▪ XERO (Free Trial / Discount) → https://xero5440.partnerlinks.io/08mf... ▪ QuickBooks Online USA (Free Trial / Discount) → https://geni.us/quickbooksonlineusa ▪ QuickBooks Online Canada (Free Trial / Discount) → https://geni.us/quickbooksonlinecanada 🚶FOLLOW ME ON ▪ Instagram →   / accountingstuff   ▪ TikTok →   / accounting_stuff   ▪ Facebook →   / accountingstuff   ________________________ DISCLAIMER Some of the links above are affiliate links, where I earn a small commission if you click on the link and purchase an item. You are not obligated to do so, but it does help fund these videos in hopes of bringing value to you! ________________________ #accounting #accountingbasics #accountingstuff