FIFO (First-In-First-Out) Method - PERPETUAL Example

In this accounting lesson, you will learn how to record inventory using the FIFO (First In First Out) Inventory costing under the Perpetual Inventory System. We go through an explanation and thorough example of how to calculate the value of closing inventory using the First In First Out (FIFO) Perpetual Method.
First In First Out (FIFO) | PERIODIC Example: • First In First Out (FI...
Weighted Average Inventory Costing | PERPETUAL Example: • Weighted Average Inven...
LIFO Method Accounting - Perpetual: • LIFO (Last-In, First-O...
Inventory Explained: • Inventory Explained
Perpetual Inventory System Explained with Journal Entry Example: • Inventory Journal Entr...
Periodic Inventory System Explained with Journal Entry Example: • Inventory Journal Entr...
Check out other straight-forward examples on our channel.
We also offer one-on-one tutorials at reasonable rates.
Connect with us:
Email: [e-mail]
Our Website: Counttuts.com
Our Facebook Page: / counttuts
Support our Efforts: / counttuts

[@chariezwane3981]

Thank you! This was extremely helpful

[@Counttuts]

Thanks for the feedback. Glad it helped.

[@somethingunique9515]

I'm not as stupid as I thought I was... I'm crying right now, thank you so much, what an amazing channel

[@ingriddebele9814]

😂😂😂😂😂😂

[@Cherryblossom98636]

I'm just shocked at how easy and clearly you explain these concepts, thank you so much!

[@phumudzopabalarambau4681]

I've struggled almost the entire year only to find that's it's this easy, thanks a bunch😍🤗

[@JasonKerowa]

the explanation was so clear to understand. thank you so much.

[@Jad3ss]

Thank you so much !! You make accounting a little bit easier.

[@G4SBillins]

Your lessons are highly appreciated sir,you make Accounting so easy.Keep up the good work…

[@thapelomachaba9492]

The last time I actually studied inventory systems was in 2009. and now I am back. this videos have really helped

[@atolomartha2117]

Wowww,i love the clarity and the way you move systematically,i now get the concept, thanks sir for your endless efforts,i appreciate 🙏

[@behberg]

I have no words to thank you. You are one of best.

[@ainaimbili]

Thank you so much. I now understand it more clearly

[@sowdabintomar2659]

Thanks for the explanations, it was helpful and got the concept
Much appreciated 🙏

[@dineshkumaranraikumar3572]

U explain it very easily, now I understand this

[@youjustgotburned3980]

Wow,most informative and clear accounting tutorial

[@michellembai9520]

Thank you for this .This method is the best and its very suitable.

[@machubengkoketso2268]

your videos are helping and you are understandable .. thanks

[@Astridah_M]

thank you this was clear and straight forward

[@julietsaleh3502]

why didnt i find these videos before... thanks alot, very helpful videos you got here

[@emanaziz1022]

Thank youuuu. The explanation was amazing.

[@pulakutporoil569]

Thank you very much my brother for making this concept easier for me❤❤🙏

[@nonkululekomthembu2959]

I cannot believe that FIFO is this easy after you explained it.

[@nabeelahsirajo-faultyhands6151]

Oh my God, it was really helpful. Thank you so much.

[@harrietayettey4385]

Made alot of sense. Thank u very much.

[@milcahmibey7641]

I really thank you counttutts..proud of you.keep helping us

[@themidwaysessions5131]

Thanks, this was very helpful!

[@bongamanzini6763]

thanks for clarity

[@sentlenong7018]

The kind of explanation i needed
...thank you 😊 ❤️

[@Counttuts]

You are welcome Sentle.

[@EMMYCHRIS1]

Thank you. You made it simple

[@isaactesoura5871]

Thank you very much....you made it seem easy !!!!!!!!!!!!!!

[@rosaliakamati5779]

Wow 😢😢thank you so much ,you explained better than my lecturer 😍😍😘

[@Amir77710]

thank you for making easier to understand

[@refilwe4008]

Wow thank you very much 😭❤

[@surelyitsjadon]

This video was really helpful.

[@hamdiosman4000]

Very helpful keep doing this kind of videos

[@alsitone1]

Thank you very much for your video. It explains very the concept very clear. My question is what is the value of the inventory sold on the 15th?

[@sanelemwelase]

Thank u for this,it was so helpful

[@ezekielyawan]

Very well presentation. Really appreciate 🙏

[@Wavy0210]

Thank you. I really appreciate it.

[@mandisamatoto4349]

Thank you very much you explained very well and clear❤❤❤🎉🎉🎉🎉🎉

[@minxuan4487]

Thanks!🙏🙏🙏 Now i understand everything🤭

[@prinsxx]

Super helpful!🤗

[@ellasaja9039]

Thank you very much

[@boipelotlhoaele5473]

Thank you very much💃🔥I now understand everything 😁✨

[@Counttuts]

You are welcome Boipelo. Glad that you do.

[@mphosephetho9397]

Very very helpful 👏

[@Nthabi031]

sir you are the best !

[@desheton2313]

Thanks man very much

[@tangeni_mos]

Thank you so much bro.. Accounting exams aren't for the feint-hearted

[@lamia7394]

you are amazing thank youuuuuu

[@joshlawrence5739]

thanks so much !

[@angiephiwokuhle3406]

wow this is good explaining

[@kaomalengwe8758]

Great stuff

[@zanelemdluli2178]

Hi, if there was a purchase return but not replaced, how do u go about solving it.

[@-MirAkibSorower-]

thank you so much sir

[@kiduaalute603]

Thank you

[@feefeemofokeng3599]

I REALLY NEED TO SUBSCIBE TWICE. WOW THANK YOU SIR.

[@nkazindlov9689]

You are the best

[@maureenwanjiru3864]

Awesome

[@sithelwesihlem9657]

As an accounting student I come yearly to watch this video for test 🔥

[@blackkid6262]

If you know you know😭let us meet at the exam venue 📍😭😂

[@sithelwesihlem9657]

@@blackkid6262 😂😂😂😂😂

[@joanmaripa2600]

Can i ask
How do you now calculate sales ,cost of sales using the given information

[@machubengkoketso2268]

the different when the goods are returned to supplier and by customer how are they recorded?

[@shikaarchander320]

Just subscribed 😎

[@jeremyjones8128]

So when a customer returns the inventory you must record it under the receipts and add the inventory back to to the first purchase pertaining to the transaction.

[@Sneakysnek04]

Crazy how your better at explaining it than my college professor😭

[@francismunalula7272]

Muli akali bakamba😅🙏,no lie.you is good.

[@kholofelomaruma6402]

That was super helpful i wanted to ask if you can do a for activity based costing method or the link if it is already there

[@Counttuts]

Coming soon!

[@alexsanderrost8186]

May i ask, why when you return inventory in perpetual system in FIFO you record it in "Issued" colum, but when you return inventory in Weighted average method it is then recorded in "Receipt" colum?

[@sbohlongwa9150]

it was a mistake both go under reciept as no inventroy is issued

[@buyile_beverly]

You're teeeewwwwwwww good!!

[@yuvareenajohn8565]

How to account freight-in cost in the fifo inventory table for perpetual inventory method

[@Counttuts]

They are capitalized as the cost of inventory unless otherwise stated. So you would basically add them to the cost of the inventory.

[@fadiahashim409]

Why did you place the purchases return in issued column here but in perpetual avco method you reduce it fron receipts

[@Counttuts]

The returns from customers were placed in receipts here as well as in AVCO for returns to supplier. Check again.

[@lindomchunu7781]

this video is helpful, but i don't understand why that 10 units of inventories( returns) is recorded on issues coz I think a business returns what is already received. why is recorded on issues while it is the business returning, not a customer ??

[@tumiigreatt]

[@sujansingbasnet2504]

1 jan Sale @ $39.60 per unit (GST Inclusive) 24 jan Sale return (on jan 24 sale) 8 units. how you deal with it?

[@Counttuts]

Put it as a negative and deduct it in your table

[@ChabonwaSimbangu-mm9jh]

Now what about gross margin