1 Big FIFO Inventory Practice Problem - Test Yourself!
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0:27 Part 1 of FIFO Inventory Problem
7:10 Part 2 of FIFO Inventory Problem
11:18 Part 3 of FIFO Inventory Problem
In today's video, we will practice a Big Practice Problem on FIFO Inventory.
As you might know, FIFO stands for First in First Out. Whenever a company makes a sale, they must take the oldest inventory out from their inventory. In this problem, we go through Cost of Goods Sold, calculating ending inventory, portions of the income statement and more!
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