Perpetual Inventory System Explained: Benefits, Drawbacks & Use Cases
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Perpetual Inventory System Explained: Benefits, Drawbacks & Use Cases
Discover the perpetual inventory system's real-time tracking of stock levels, its pros and cons, and examples. Find out which businesses benefit most from this method.
4 months ago
FIFO and LIFO accounting FIFO and LIFO Explained
Replying to @i in intro accounting class we learn three inventory cost flow assumptions (specific identification tracks each item and is therefore not an assumption): FIFO (first-in first-out), LIFO (last-in first-out), and average cost. We use these to compute our cost of goods sold. Even though perpetual inventory systems are much more common for large companies, I illustrate these cost flow assumptions using a periodic system. #accounting #study #explained #inventory #lifo #fifo #averagecost
5:49
Replying to @i in intro accounting class we learn three inventory cost flow assumptions (specific identification tracks each item and is therefore not an assumption): FIFO (first-in first-out), LIFO (last-in first-out), and average cost. We use these to compute our cost of goods sold. Even though perpetual inventory systems are much more common for large companies, I illustrate these cost flow assumptions using a periodic system. #accounting #study #explained #inventory #lifo #fifo #averagecost
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