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LIFO stands for last in first out. The most recent purchased units will leave inventory first when a sale is made.
Throughout this video, I will explain what LIFO is, the essential characteristics you must know, and a full example where I break it down step by step on how to calculate Cost of Goods Sold and Ending Inventory. The LIFO cost flow assumption can be confusing but after watching this video, it will clear things right up!
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