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How to calculate cost of goods sold under the FIFO method? - Universal CPA Review

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How to calculate cost of goods sold under the FIFO method? - Universal CPA Review

Under the FIFO method, the first goods purchased are the first goods sold. Said another way, the oldest items in inventory are what the company wants to sell to the customer first. For example, in the visual below, batch #1 would be considered the oldest units purchased, so those would be the first items sold out of inventory.

Cost of Goods Sold Formula

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