I have watched countless number of videos trying to teach myself this the way that it was shown in class. This was the only video that was accurate and it just helped me fully understand everything for my exam today. Thank you.
Im taking intermediate acctg (331) and i totally forgot how to do FIFO/LIFO, this video was the best. the way you described what was happening in inventory helped alot! Thank you
Sir. Thank you so much. I've watched over 10 videos and i've spent hours crying over FIFO lolololol, this helped me so much. All the lightbulbs are going off in my head. THANK YOU!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
This video is godsent! Thank you so much, I've been struggling with this subject and your video helped me understand it. and it helps with both FIFO and LIFO.
Thank so much!!! Was struggling on understanding the concept by reading and listening to my professor, she has strong accent and goes fast on a 1 hour lecture, but u sir, u made it simple to understand in lesson than 7mjns
Glad to hear it helped! Feel free to check out the other videos on the channel. There are examples for LIFO and Average Cost that might be helpful too. LIFO: ua-cam.com/video/LSfbYa9gUEk/v-deo.html Average Cost: ua-cam.com/video/jtqJz8zp6-4/v-deo.html
The selling price does not matter when we are working with FIFO, LIFO or Average Cost. We only concern ourselves with the "cost" of the goods, so how much it cost us to either buy them or make them ourselves, which is going to affect the Inventory account and Cost of Goods Sold account. The "price" that we sell them for affects the amount of Sales Revenue we're generating.
On 6/10, we don't write 10@$5 in the ending inventory column because we don't have those units anymore. We sold all 10 of them that day, so we're just left with the 15@$6 in the ending inventory. Hope that helps!
I have watched countless number of videos trying to teach myself this the way that it was shown in class. This was the only video that was accurate and it just helped me fully understand everything for my exam today. Thank you.
Glad it was helpful!
Im taking intermediate acctg (331) and i totally forgot how to do FIFO/LIFO, this video was the best. the way you described what was happening in inventory helped alot! Thank you
Sir. Thank you so much. I've watched over 10 videos and i've spent hours crying over FIFO lolololol, this helped me so much. All the lightbulbs are going off in my head. THANK YOU!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
I'm happy to hear this helped! Hopefully no more crying over FIFO now!
Thank you! This was so much better than trying to understand it from a book.
This video is godsent! Thank you so much, I've been struggling with this subject and your video helped me understand it. and it helps with both FIFO and LIFO.
I made a google account just to subscribe to you, your videos are amazing, brief and simplify accounting thank you a lot.
Glad they've been helpful!
Thank so much!!! Was struggling on understanding the concept by reading and listening to my professor, she has strong accent and goes fast on a 1 hour lecture, but u sir, u made it simple to understand in lesson than 7mjns
Glad to hear it helped! Feel free to check out the other videos on the channel. There are examples for LIFO and Average Cost that might be helpful too.
LIFO: ua-cam.com/video/LSfbYa9gUEk/v-deo.html
Average Cost: ua-cam.com/video/jtqJz8zp6-4/v-deo.html
Thank you so much! I understood everything after this video. Thank you!
Glad it helped!
I have a quiz tomorrow, and I finally understand. Thank you so much
Good luck on the quiz!
Great job keep it up 👏
brief and simplify accounting thank you a lot.
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Thank you so much, I just view the LIFO Perpetual video as well.
Hello …why did u multiply 10 * 8 units on June 28 ?
Love this❤
Can you make a video about periodic method as well?
professor at toronto metropolitan univeristy uses your videos for teaching. you should consider suing
god bless you and your family
Thank you 👍🏽
this is great
What if the sale is at a different cost? do i @the initial cost/unit?
The selling price does not matter when we are working with FIFO, LIFO or Average Cost. We only concern ourselves with the "cost" of the goods, so how much it cost us to either buy them or make them ourselves, which is going to affect the Inventory account and Cost of Goods Sold account. The "price" that we sell them for affects the amount of Sales Revenue we're generating.
Thanks!! Its very helpful!@@stevenforce3344
So for 6/10, we don't have to write 10@$5 because that was already listed with the beginning inventory.
On 6/10, we don't write 10@$5 in the ending inventory column because we don't have those units anymore. We sold all 10 of them that day, so we're just left with the 15@$6 in the ending inventory. Hope that helps!