First In First Out (FIFO) | PERIODIC Example

In this accounting lesson, you will learn how to record inventory using the FIFO (First In First Out) Inventory costing under the Periodic Inventory System. We go through an explanation and thorough example of how to calculate the value of closing inventory using FIFO and the cost of sales under the FIFO Periodic Inventory System.
FIFO (First-In-First-Out) Method Accounting - PERPETUAL: • FIFO (First-In-First-O...
Periodic Inventory System Explained with Journal Entry Example: • Inventory Journal Entr...
LIFO Method Accounting - Perpetual: • LIFO (Last-In, First-O...
Perpetual Inventory System Explained with Journal Entry Example: • Inventory Journal Entr...
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[@wellingtonnwaggz4889]

just imagine I have been struggling to understand the FIFO using periodic Inventory system since from grade 11 and I only understand it now in 2023 I have 5 years struggling but you have managed to help me with just a 10 Minutes video , I wish you were my father or relative shem

[@sarahmadonsela6275]

this was explained so well, and I now enjoy using the FIFO method way more than the others

[@ziyandaskade401]

my question is a bit tricky, calculate the value of sales
Info provided opening stock, closing stock, purchases, purchases returns, Import duties and gross profit and not provided with the cost per unit. How do I go about this one?

[@khanyo9979]

Thanks ...you made this easier and this method is fast I used to calculate using the table method and it’s time consuming.

[@jeaneenwilliams6777]

Your example was clear and easy to follow. Thank you!

[@AZ-ij6co]

This is so simplified thanks!

[@lesegomogale2405]

Thank you so much for, well explained.

[@bongiswafuze5880]

it was clearly explained thank you❤❤

[@fikilenyuswa-xh2iy]

Thank you for the help ❤️

[@kiduaalute603]

Thank you

[@leratomariti4017]

Can you please explain something to me. Lets say on the day of purchase, the freight cost of R500 were paid. How do we record it on the graph.

[@keletsoletsawu3435]

I didn't understand FiFo but now I understand it

[@lepatamolotja9486]

I LOVE YOU MAN❤

[@brendanaku2909]

Thanks be blessed what of sales and purchases

[@haarmialek6004]

thanks

[@NicaKasende]

😭😭 literally found this video after my acvounting test ... i lost so many marks

[@neetukumari4954]

Where are you from

[@angieflama828]

How did u get the sales of 24,000 in November?

[@mikeoxlong393]

It was given

[@nancychingandu7661]

Could you please kindly do a video on Process Costing chapter 12 cost accounting. Thank you

[@akhogama1306]

How to calculate value of the inventory of materials

[@surafelgetye-iq9ft]

385000

[@sikhanyisogumede5886]

Same

[@HamidAli-kb2mm]

Thank you