How FIFO Inventory Accounting Works in 5 Minutes

[@Accountinguniv]

Hope you're enjoying these new style of videos! Here are the: ⏱️TIMESTAMPS 0:00 Intro 0:09 What is FIFO? 0:33 Real World Example 1:31 FIFO Inventory Accounting Steps 1:47 What is Cost of Goods Sold 2:01 FIFO Inventory Practice Problem - Calculate Cost of Goods Sold 4:00 FIFO Inventory Practice Problem - Calculate Ending Inventory 4:25 Conclusion of Video

[@Classwork420]

thanks. I would like to be explained in 5 minutes , why FIFO?