Last version published: 02/03/2018 16:09
Publication number: ELQ-83690-2
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First-In, First-Out Inventory Costing
This video will walk you through inventory costing using the FIFO method.
In this video Matt Fisher simply explains how you can construct a simple but effective inventory costing template.
This video simplifies the process of creating an inventory costing sheet, giving you the tools required to keep track of your business' inventory as it makes sales. Matt offers an incredibly simple explanation of the often complicated FIFO method.
Using different examples of a business' beginning inventory, inventory purchase and inventory sale Matt constructs a simple inventory costing table which could easily be transferred into an Excel document. This table will allow you to document the date of transactions, your different inventory purchases, you inventory purchase costs and then your overall inventory balance. This video will also allow you to get to grips with changes in inventory purchase cost fluctuations and how they can effect your overall inventory balance.
This video will explain how, using the FIFO method, you establish exactly which inventory is outgoing and which of your inventory will remain when sales are made. This will therefore allow you to keep an up to date record of your business' inventory cost based on inventory purchase cost and units sold.
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