Enrolled Agent Exam [Part 2] 53, Inventory Methods — FIFO, LIFO, Specific ID

This podcast is made by Ran Chen, who holds an EA license, Insurance and Securities licenses (Series 6, 63, 65), and the CFP® designation. He is passionate about opening access to high-quality exam preparation resources and helping learners prepare more effectively for professional certification exams. In this episode you will learn: - How the FIFO method assumes the first units purchased are the first ones sold, typically resulting in higher taxable income during inflationary periods. - How the LIFO method assumes the last units purchased are the first ones sold, leading to a higher Cost of Goods Sold (COGS) and lower taxable income w...