In this lesson, you'll learn how Inventory and Cost of Goods Sold (COGS) differ under the LIFO (Last-In, First-Out) and FIFO (First-In, First-Out) methods.
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You'll also understand their impact on the financial statements.
This lesson is ONLY applicable if you are in the US -- under IFRS, which most other countries follow, only FIFO is allowed.
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