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# FIFO & LIFO Calculator

Result

Enter the units sold per sale and enter each unit’s price. The calculator will estimate the goods’ cost, goods sold, units remaining, and remaining inventory value by using FIFO and LIFO methods.

No. of Purchases

• Unit

Price/Unit

• Unit

Price/Unit

• Unit

Price/Unit

• Unit

Price/Unit

• 5 Purchases
• 10 Purchases
• 15 Purchases
• 20 Purchases
• 50 Purchases

Total Units Sold

Cost of Goods Purchased

0

Cost of Goods Sold (COGS)

0

Ending Inventory Value

0

This report is generated by calculator-online.net

Table of Content
 1 What is an Inventory? 2 What is FIFO – First In First Out Method? 3 How to Calculate FIFO (Manually)? 4 How to Calculate LIFO (Manually)? 5 FIFO and LIFO Examples 6 Is LIFO Permitted Under GAAP? 7 What is The Impact of Inflation (FIFO And LIFO)? 8 Which is Better Inventory Valuation Method - LIFO or FIFO? 9 IRS Regulations and FIFO vs. LIFO? 10 How do you convert LIFO to FIFO inventory? 11 Can you use both LIFO and FIFO? 12 Why is LIFO bad? 13 Why do companies use LIFO? 14 Why does Apple use FIFO? 15 Where is LIFO used? 16 What is the FIFO rule? 17 Can a company change from LIFO to FIFO? 18 Why does US GAAP allow LIFO? 19 What are the advantages and disadvantages of LIFO method? 20 Is LIFO still allowed? 21 What is the FIFO method of food storage? 22 What companies use FIFO method? 23 How do you calculate gross profit FIFO?
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An online lifo fifo calculator allows you to calculate the remaining value of inventory and cost of goods sold by using the fifo and lifo method. The product inventory management becomes easy with the assistance of this calculator for first-in-first-out and last-in-last-out.

Well, come to the point, in this content, we tell you how to calculate fifo and lifo (step-by-step) and by using calculator, fifo and lifo examples, and all you need to know about inventory valuation.

Now, first, we start with the basic definition inventory, fifo, and lifo!

## What is an Inventory?

When it comes to inventory, it is referred to as a company’s goods in three stages of production including:

1. The goods that are raw materials
2. The goods that are in production
3. The goods that are finished and ready for sale

In other terms, you just get the goods that the company has in the starting, very next, add the material that is purchased to generate more goods, then, subtract the goods that the company sold, COGS that are an acronym for the cost of goods sold, and the result is what remains – are said to be as an inventory. Also, simply account for the above lifo and fifo calculator that helps you to perform ending inventory-related calculations by using both fifo and lifo methods of inventory valuations.

Inventory accounting is something that assigns values to the goods in each production stage and simply classifies them as company assets, as inventory can be sold, that’s the reason why turning it into cash in the near future. Remember that assets should be accurately valued so that the company as a whole can be precisely valued. The given formula helps in calculating inventory:

BI+ Net Purchases −COGS=EI

Where:

• BI = Beginning inventory
• EI = Ending Inventory

Remember that ending inventory is a crucial component in the calculation of the cost of goods sold. And, you can easily calculate ending inventory by using multiple valuation methods including, fifo, lifo, and weighted-average cost.

Also, you can give a try to this free online enterprise value calculator to find the economic value of the company.

## What is FIFO – First In First Out Method?

FIFO stands for first in first out! It is inventory management term means the items which were added first to the stock will be removed from stock first. And, the inventory will leave the stock in balance order same as that in which it was added to the stock. FIFO is the most abundant method that commonly used in THE U.S.A as this approach appeals to common sense. No doubt, good inventory management scenario is that the oldest items should be sold first, while the most recently purchased goods remain in inventory. First in first out (FIFO) method of ending inventory involves matching the oldest produced goods with revenues. So, try a simple fifo calculator online that helps you in inventory management by calculating ending inventory value, cost of goods purchased, and cost of goods sold (COGS). Read on to know how to find fifo ending inventory!

FIFO method is used for cost flow assumption purposes, these assumptions are referred to as the method of moving the cost of a company’s product that is out of its inventory to its cost of goods sold.

### How to Calculate FIFO (Manually)?

If you want to calculate Cost of Goods Sold (COGS) concerning the FIFO method, then you ought to figure out the cost of your oldest inventory. Its mean, you just have to multiply that cost by the total amount of inventory sold. Also, you can try simple fifo lifo method calculator that uses fifo formula (method) for the ending inventory management calculations.

You have to remember that if the paid-price for the inventory fluctuates during the specific time period you are calculating Cost of Goods Sold, then that should be taken into account too. Furthermore, you can use an online fifo lifo calculator that uses both fifo and lifo valuations to provides you the fifo lifo inventory table.

## What is Lifo – Last In First Out Method?

Lifo or Last in first out is an efficient technique that is used in the valuation of inventory, the goods which were added to the stock will be removed from the stock first. With Lifo method, the goods will leave the stock in an order reverse of that in which the goods were added to the stock!

In simple words, this method assumes that the most recent goods added to an inventory are sold first. Now, we are also you about how to find lifo manually! You can try our most efficient and reliable lifo calculator to manage the inventory goods that were added to your inventory concerning lifo method.

### How to Calculate LIFO (Manually)?

If you want to calculate Cost of Goods Sold (COGS) concerning the LIFO method, then you ought to find out the cost of your most recent inventory, and simply multiply it by the cost of inventory sold.

Same as FIFO, if the rate to acquire the goods in inventory fluctuates during the specific time period you are determining COGS for then you must take that into account.

For convenience, you can consider online fifo and lifo calculator helps to find out the cost of goods purchased, COGS, ending inventory value along with the detail inventory table.

## Lifo and FiFo Calculator: Both Calculators At The Same Platform of Calculator-Online:

An online fifo and lifo calculator is considered the First In First Out (FIFO) and Last In First Out (LIFO) ending inventory methods to calculate the inventory cost.

More specifically:

• Fifo calculator uses the first in first out method to find inventory value/cost for the first sold goods
• Lifo calculator helps you to find out the inventory value/cost of most sold goods

Additionally, you people can try fifo method calculator uses fifo method to find the ending inventory in the balance order same as that in which it was added to the company’s stock. Whereas, try lifo method calculator that uses the lifo method while performing ending inventory calculations on the most recent goods.

### How to Calculate Lifo and Fifo With This lifo fifo calculator?

To find lifo and fifo for your ending inventory, simple stick to the given steps:

Inputs:

• First of all, you just have to enter the quantity of each unit purchases
• Then, you have to add the quantity of the price/unit you purchased
• Also, the lifo fifo method calculator provides you with options of adding more purchases “one by one” or multiple
• Then, you have to enter the total units sold from your number of purchases
• Once done, you can hit either “calculate fifo” or “calculate”, it’s your choice according to your ending inventory management

Outputs:

The fifo and lifo calculator calculate ending inventory cost according to first in first out and last in first out method. It doesn’t matter at all whether you want to calculate lifo and fifo for ending inventory, the calculator will shows:

• Total cost of goods purchased
• Cost of goods sold (COGS)
• Ending inventory value
• Detailed ending inventory table for your fifo or lifo ending inventory cost

## FIFO and LIFO Examples:

Here we are going to mention an example of a company to elaborate on the cost of goods sold (COGS) using and FIFO and LIFO methods.

Let’s suppose that there is a Mike’s Television Company that has been in operation now for a year; this is what his inventory costs look like:

Month           Amount             Price Paid

• January           100 Units             $800.00 • February 100 Units$800.00
• March             100 Units             $825.00 • April 100 Units$825.00
• May                 100 Units             $825.00 • June 100 Units$850.00
• July                 100 Units             $850.00 • August 150 Units$875.00
• September     150 Units              $875.00 • October 150 Units$900.00
• November      150 Units             $900.00 • December 150 Units$900.00

Means, 1450 units acquired

Units = Televisions

Well, let’s calculate the COGS using the given methods:

### FIFO Method:

When it comes to the FIFO method, Mike needs to utilize the older costs of acquiring his inventory and work ahead from there.

So, Mike’s COGS calculation is as follows:

• 200 units x $800 =$160,000
• 300 units x $825 =$247,500
• 200 units x $850 =$170,000
• 300 units x $875 =$262,500
• 100 units x $900 =$90,000

Mike’s cost of goods sold is $930,000. Also, simply use the online simple fifo calculator that helps you in understanding how to calculate fifo ending inventory and provide you with a detailed table of your ending inventory by using fifo method. ### LIFO Method: When it comes to LIFO method, mike needs to go through by his most recent inventory costs first and work backwards from there. • 450 units x 900 =$405,000
• 300 units x 875 = $262,500 • 200 units x 850 =$170,000
• 150 units x $825 =$125,750

## Wrapping it up:

Well, thankfully, you people come to know how to do fifo and lifo calculation for an ending inventory management. Remember that an inaccurate measure of ending inventory will spoil your finance statement! So, simply account the above lifo and fifo calculator to do precise measurements for your ending inventory management.

No doubt, the decision to use LIFO vs. FIFO is complicated, and even each business situation is varying. You should have to conform to IRS (Internal Revenue Service) regulations and U.S. and international accounting standards. You ought to get assistance from your tax professionals before you decide on an inventory valuation method. In a single sentence, you can easily manage fifo and lifo ending inventory accounts at this platform.

## References:

From the source of Wikipedia: FIFO and LIFO accounting, FIFO Tax Implications, and detail about lifo and more

From the source of thebalancesmb: FIFO or LIFO – What’s the Difference and Which is Better?

From the source of valuepenguin: How to Apply FIFO vs LIFO Inventory Accounting

From the authorized source of IRS (Internal Revenue Service): About Form 970, Application to Use LIFO Inventory Method