Replying to @i in intro accounting class we learn three inventory cost flow assumptions (specific identification tracks each item and is therefore not an assumption): FIFO (first-in first-out), LIFO (last-in first-out), and average cost. We use these to compute our cost of goods sold. Even though perpetual inventory systems are much more common for large companies, I illustrate these cost flow assumptions using a periodic system. #accounting #study #explained #inventory #lifo #fifo #averagecost

FIFO Inventory Costing

Understanding FIFO Work in the Australian Mining Industry

FIFO Life: Mining Adventures in Australia

How to Get a FIFO Job: Step-by-Step Guide! | FIFO Australia 2025 #fifo #mining #australia #mines