FIFO vs LIFO: two ways to value the same inventory that hand you two different profit numbers, two tax bills, and two balance sheets. This 2-minute comparison gives you the verdict first, then how each method changes your cost of goods sold, your taxes, and your inventory value, plus which one fits your business (and why LIFO is US-only). 0:00 - Introduction to FIFO vs. LIFO 0:08 - Bottom line comparison 0:51 - How cost of goods sold (COGS) and profits differ 1:18 - Tax implications and balance sheet impact 1:40 - Global compliance and accounting rules (GAAP vs. IFRS) 1:52 - How to choose the right method for your business 2:19 - Summary and tracking inventory with QuickBooks Read the full guide: intuit.me/4ylFMVI See how QuickBooks tracks inventory costs for you: intuit.me/QBO #FIFOvsLIFO #Inventory #SmallBusiness Subscribe to our YouTube channel: intuit.me/3bOj0M2 Visit QuickBooks.com: intuit.me/QBO #QuickBooks