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Fifo Cost of Goods Sold Formula

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Fifo Cost of Goods Sold refers to the cost of goods that a company has sold during a particular accounting period, calculated using the Fifo inventory valuation method. Check FAQs

FCGS = LCGS - (ELR - BFR)

FCGS - Fifo Cost of Goods Sold?LCGS - Lifo Cost of Goods Sold?ELR - Ending Lifo Reserve?BFR - Beginning Lifo Reserve?

Fifo Cost of Goods Sold Example

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Here is how the Fifo Cost of Goods Sold equation looks like with Values.

Here is how the Fifo Cost of Goods Sold equation looks like with Units.

Here is how the Fifo Cost of Goods Sold equation looks like.

105 = 125 - (75 - 55)

105 = 125 - (75 - 55)

105 = 125 - (75 - 55)

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Fifo Cost of Goods Sold Solution

Follow our step by step solution on how to calculate Fifo Cost of Goods Sold?

FIRST Step Consider the formula

FCGS = LCGS - (ELR - BFR)

Next Step Substitute values of Variables

∴

FCGS = 125 - (75 - 55)

Next Step Prepare to Evaluate

∴

FCGS = 125 - (75 - 55)

LAST Step Evaluate

∴

FCGS = 105

Fifo Cost of Goods Sold Formula Elements

Variables

Fifo Cost of Goods Sold

Fifo Cost of Goods Sold refers to the cost of goods that a company has sold during a particular accounting period, calculated using the Fifo inventory valuation method.

Symbol: FCGS

Measurement: NAUnit: Unitless

Note: Value should be greater than 0.

Formulas to find Fifo Cost of Goods Sold

Lifo Cost of Goods Sold

Lifo Cost of Goods Sold refers to the cost of goods that a company has sold during a particular accounting period, calculated using the Lifo inventory valuation method.

Symbol: LCGS

Measurement: NAUnit: Unitless

Note: Value should be greater than 0.

Formulas to find Lifo Cost of Goods Sold

Ending Lifo Reserve

Ending Lifo Reserve is an accounting concept that reflects the difference between the inventory valuation under the Fifo method and the Lifo method at the end of an accounting period.

Symbol: ELR

Measurement: NAUnit: Unitless

Note: Value should be greater than 0.

Formulas to find Ending Lifo Reserve

Beginning Lifo Reserve

Beginning Lifo Reserve refers to the difference between the inventory valuation under the Fifo method and the Lifo method at the start of an accounting period.

Symbol: BFR

Measurement: NAUnit: Unitless

Note: Value should be greater than 0.

Formulas to find Beginning Lifo Reserve

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How to Evaluate Fifo Cost of Goods Sold?

Fifo Cost of Goods Sold evaluator uses Fifo Cost of Goods Sold = Lifo Cost of Goods Sold-(Ending Lifo Reserve-Beginning Lifo Reserve) to evaluate the Fifo Cost of Goods Sold, Fifo Cost of Goods Sold means the cost associated with the earliest inventory is used to determine Cost of goods sold. Fifo Cost of Goods Sold is denoted by FCGS symbol.

How to evaluate Fifo Cost of Goods Sold using this online evaluator? To use this online evaluator for Fifo Cost of Goods Sold, enter Lifo Cost of Goods Sold (LCGS), Ending Lifo Reserve (ELR) & Beginning Lifo Reserve (BFR) and hit the calculate button.

FAQs on Fifo Cost of Goods Sold

What is the formula to find Fifo Cost of Goods Sold?

The formula of Fifo Cost of Goods Sold is expressed as Fifo Cost of Goods Sold = Lifo Cost of Goods Sold-(Ending Lifo Reserve-Beginning Lifo Reserve). Here is an example- 105 = 125-(75-55).

How to calculate Fifo Cost of Goods Sold?

With Lifo Cost of Goods Sold (LCGS), Ending Lifo Reserve (ELR) & Beginning Lifo Reserve (BFR) we can find Fifo Cost of Goods Sold using the formula - Fifo Cost of Goods Sold = Lifo Cost of Goods Sold-(Ending Lifo Reserve-Beginning Lifo Reserve).

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Fifo Cost of Goods Sold Formula

Fifo Cost of Goods Sold Example

Fifo Cost of Goods Sold Solution

Fifo Cost of Goods Sold Formula Elements

Other formulas in Financial Modeling and Valuation category

How to Evaluate Fifo Cost of Goods Sold?

FAQs on Fifo Cost of Goods Sold

Variable Name