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FIFO Inventory Calculator

Calculate Cost of Goods Sold (COGS) and Ending Inventory value using the First-In, First-Out method.
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Analysis
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How to Use

Step-by-step instructions
  1. 1Add inventory batches with unit counts and costs
  2. 2Batches should be entered in chronological order (oldest first)
  3. 3Enter the total number of units sold
  4. 4Review the COGS and Ending Inventory value

FIFO Method

Assumes that the first items purchased are the first ones sold. This is common for perishable goods.
COGS = Cost of Oldest Inventory Units Sold Ending Inventory = Cost of Newest Inventory Units Remaining

Variables:

COGSCost of Goods Sold
Ending InventoryValue of unsold stock

Example

Inventory Sales

Inputs:

Batch 1:100 units @ $10
Batch 2:100 units @ $15
Sold:150 units

Steps:

  1. 1.Sell all 100 from Batch 1: 100 × $10 = $1,000
  2. 2.Sell 50 from Batch 2: 50 × $15 = $750
  3. 3.Total COGS = $1,750
  4. 4.Ending Inventory = 50 units @ $15 = $750
Result:
COGS: $1,750, Ending Inventory: $750

Frequently Asked Questions

Why use FIFO?

It often matches the actual physical flow of goods (selling oldest first). In inflationary times, it results in lower COGS and higher reported profit.

What is the difference between FIFO and LIFO?

LIFO (Last-In, First-Out) assumes newest items are sold first. LIFO results in higher COGS and lower taxes during inflation.

Does FIFO affect taxes?

Yes. Since FIFO typically results in higher profit (assuming rising prices), it can lead to higher income tax liability compared to LIFO.