LIFO - Last In First Out - inventory valation (for the @CFA Level 1 exam)

[@Nyg-sh3nw]

thanks for tips to ignore the reality when calculating LIFO. Really helpful

[@hodar007]

очень подробно объясняете, даже мой кот, мне кажется, научился считать LIFO. Спасибо!

[@letmeexplaincfa]

😀

[@bubeshjayaprakash3286]

I really like your videos and the way you explain every concept! Please cover every reading as possible from CFA level 1.

[@letmeexplaincfa]

Thank you🙏 I will try😀

[@syedjeelani1136]

Superb!

[@rachitmerani8134]

Small doubt: We have to sell 20 units on 4th December so only 50 units that are purchased on 1st December remain so how have you assigned a cost of $53 to all units of ending inventory? Shouldn't it be 50 units of the 1st December purchase and 10 units from the 13th December purchase? That way none of the answers are matching though!

[@letmeexplaincfa]

I know, and this is something I say in the video - LIFO is not supposed to be realistic. It's just a simplicfication and you have to adopt the approach presented irrespective of whether it was physically possible or not ;)

[@vyduong1437]

Hi, I understand from the curriculum, question 2 of exhibit 1 learning module 6 that LIFO will bypass the rules of lower of NRV/cost and using the cost of replacement to defend the inventories value? Should the FIFO and Avg cost have any impact if there is a question similar to this one for these other valuation?

[@ScienceOffinancee]

Dear sir! what will happen if beginning inventory is already given?