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Topic Covered in This Video:
In this lecture, we explain the FIFO (First-In First-Out) Method under Methods of Pricing Material Issues in Cost Accounting.
This concept is highly important for Junior Auditor, Audit Inspector, and Accounts Officer exams.

📋 You’ll Learn:
✅ FIFO Concept – Oldest stock issued first
✅ How to calculate Issue & Closing Stock
✅ Step-by-step numerical example
✅ Real-life example from the Dairy Industry (Amul)
✅ Benefits & limitations of FIFO

🧾 Example Used:
Purchases:
• 100 units @ ₹10 = ₹1,000
• 100 units @ ₹12 = ₹1,200
Issue: 120 units
• 100×10 + 20×12 = ₹1,240
Closing Stock = 80 units @ ₹12 = ₹960

💡 Real-life Example:
Amul dairy uses FIFO — older milk packets are issued first to prevent expiry losses.

📚 Related Videos:

Methods of Pricing Material Issues (Full Chapter)

LIFO Method Explained

Weighted Average Method

Material Control – Concept & Objectives
FIFO method

FIFO in cost accounting

first in first out method

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pricing of material issue methods

issue of materials FIFO

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FIFO vs LIFO

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FIFO real life example dairy industry

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