First-In, First-Out Method - Accounting

The video tutorial explains the FIFO (First In, First Out) inventory method, emphasizing its focus on cost flow rather than physical inventory flow. It introduces a creative concept called LISH (Last In Still Here) and demonstrates FIFO's application through an example with Delta Company, highlighting how FIFO assumes the earliest purchased items are the first to be sold.

How does the FIFO method affect the calculation of Cost of Goods Sold (COGS)?

Describe the process of pulling inventory using the FIFO method as illustrated in the example.