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LIFO Periodic Inventory Method

LIFO Periodic Inventory Method

This video shows how to use the LIFO (last in, first out) cost flow assumption to calculate Cost of Goods Sold (COGS) and ending inventory for a company that uses a periodic inventory system. Companies that use a periodic inventory system do not make changes to the inventory account when inventory is purchased or sold. Thus, a company using ...

61.9K viewsOct 1, 2018

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