FIFO vs Weighted Average vs LIFO: Profit & Tax in Rising Prices
This lesson is part of the course
In this lesson
You put the three cost formulas side by side for the backpacks and chart how each one changes gross profit and income tax.
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Lessons in this course
- Periodic FIFO: Cost Layers, COGS & Ending Inventory Locked
- Periodic LIFO and the LIFO Reserve Locked
- Weighted Average Cost with Landed Cost (Discounts & Freight-in) Locked
- Perpetual Moving Average: the Running Stock Card Locked
- FIFO vs Weighted Average vs LIFO: Profit & Tax in Rising Prices Locked
- Lower of Cost and NRV: Item by Item, by Group, and the Reversal Locked
- Stock Count Adjustments & Shrinkage Locked
- Inventory Ratios: Turnover, Days in Inventory & GMROI Locked