LIFO Perpetual Inventory Method
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LIFO Perpetual 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 perpetual inventory system. Companies that use a perpetual inventory system update the inventory account whenever inventory is purchased or sold. Thus, a company using LIFO and a ...
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