First In First Out (FIFO) | Inventory Cost Flow | How to Pass Accounting Class

First In First Out (FIFO) | Inventory Cost Flow is an accounting tutorial explaining the inventory cost flow method FIFO (First In, First Out) and the journal entries needed to track inventory using FIFO. It provides step-by-step homework help for accounting students. This is an accounting tutorial for accounting students, business owners, and bookkeepers to explain accounting basics for beginners. Featuring Terrance the T-Account Rex and accounting educator, Caroline Grimm, this accounting tutorial is part of two playlist series: How to Pass Accounting Class and Merchandise Businesses and Inventory Cost Methods. ⏰ Accounting How To Time Stamps: 00:00 Introduction to FIFO (First In, First Out) Inventory Cost Flow Method 00:03 Jack and the Beanstalk 01:48 Why Accounting Textbooks are Confusing 02:18 FIFO Inventory Spreadsheet - Step-by-step Accounting Homework Help! 02:41 Cost of Merchandise Sold / Cost of Goods Sold 02:54 Inventory / Merchandise Inventory 03:36 Changes to Financial Statements 🏋 Download the spreadsheet here: https://docs.google.com/spreadsheets/d/13Zu6nCLZYZQS1YvzFLSy4TLBzWzk1ezz2_16mvXg_1A/edit?usp=sharing T-Accounts Explained: https://youtu.be/gHlZXrWAqYQ