Calculate Ending Inventory and COGS (Perpetual) for FIFO LIFO and Weighted Average

[@jordankopal1412]

I will use your knockoff method for my midterm, and hopefully, I can get a good score on my midterm for Accounting for Management.

[@ahmadsherif8624]

U literally saved me I got my final exam tomorrow

[@devingale6628]

Great vid thanks!

[@margaretmarymari]

Thank you so much

[@darknes1170]

Thank u brother

[@skellisux4317]

Thank YOU! ❤

[@aroraabir6906]

In LIFO we need to take the first 10 units from the last purchased one right? So it'd be 10*$21

[@byunhyunmi4073]

Thanks🙏🏻🙏🏻

[@hitarthjoshi1213]

Thank youu 👏

[@IDOutdoors208]

Hi, I have a question about calculating COGS. FIFO and LIFO seem too complicated for where I’m at and so the simplicity of WAC (weighted average cost) is very appealing. However, the inconsistent use of terminology in various articles / videos I’ve come across discussing WAC has me confused. Is a WAC calculation done for (A) each product in inventory or is it calculated using (B) the total cost of all products in inventory?
For example, let’s say I have 500 different products in my inventory. Some products have an average cost of $1 per unit, and other products can average $20,000 per unit. If I were to calculate WAC using (B) the total cost of all products in inventory, then the average cost of one unit of inventory would be around $2,000. Now let’s say I sell a product for $2. My COGS for that sale would be $2,000???
"B" doesn’t seem right. What am I missing?

[@meselefekadu9652]

👍