Same experience here. My old accounting professor with 35 years of experience, with his mumbled presentations, has not matched the clarity of Andrew in the video.
Two hours my professor spent trying to explain this one topic and most of the class was visibly confused very badly, You made it very easy to understand in under 10min please be our teacher :(
From an accounting standpoint, LIFO is the way to go. From an actual raw goods standpoint, LIFO can have you end up scrapping material or goods because they've been in inventory too long to be used. If you care about the quality of your product, FIFO should always be the alternative.
Well thank u it is too bad that u don't speak on arabic coz u are better than my teacher hahaha i understand it here btw i study in arabic language and u are the best teacher ever so thnx again
That part you explained ...that companies will have 5 dollars worth of inventory in the books while the actual worth is 200 ......that is the most important part...
Coming to the main point, you said we can have $5 sitting on our books along with LIFO together with 100 ping pong balls and if the plastic price goes up to $2, not 0,05 as before = our books will look better. Is that right sir?
spouse they sell 200 unit for $0.50 for making brofit .......then 200*0.50=100 and without profit acording FIFO he receive $20 and after profit he receive 100$ then minus your purchase 20$....now he have 80$ profit
In the world of banking system, where money is created out of thin air (thanks to central banks and also commercial banks with fractional reserves) which creates inflation, it would be normal to use LIFO in order to capture REAL profit (not nominal), therefore using the latest price. But I guess governments are not interested whether companies are in REALity profitable, they just want out money. The higher nominal profit, the higher collected taxes.
In this video I explain FIFO, LIFO and average cost methods to value the stocks stored by a company, to estimate the cost of goods sold and to determine the commercial result (profit or loss) of the firm: ua-cam.com/video/mOM1Lqqydos/v-deo.html.
I learned more in 10 minutes than my professor explaining in the last 4 weeks
Sameeee HHAAHHAHAHAHA
Same!
Great presentation, so much better than my professor who apparently has 20 years of accounting experience.
Same experience here. My old accounting professor with 35 years of experience, with his mumbled presentations, has not matched the clarity of Andrew in the video.
Being an accountant and being a teacher are two different things. He can be a great accountant, and a terrible teacher/presenter.
same.
My accounting professor kept getting mixed up between them, he wasn't even sure he got it right at the end of the lesson. Thank you for clearing it up
THIS HELPED SO MUCH!!!!! I'm from LSU and my accounting teacher doesn't help us at all on this stuff so THANK YOU!!!
You must have had Jan Holmes RIP
Well.... you went to LSU..
this is the first time im hearing someone pronounce FIFO and LIFO like that
First hearing him, I thought I had been wrong all along. But maybe most people say LIE-fo and FIE-fo.
That's so weird, cuz I've heard a lot of people pronounce it like him. I do to!😂😂
You literally made me pass my accounting final. Thank you!
Two hours my professor spent trying to explain this one topic and most of the class was visibly confused very badly, You made it very easy to understand in under 10min please be our teacher :(
Wow! I have struggled trying to calculate FIFO and LIFO but you talk to me like I'm 6 in a language I can understand thank you!!!!
Accounting classes have a way of making this simple concept seem really complex. Thank God UA-cam exists, I’d be screwed with out it
This is where I should have started. I used to like class formats where you do the HW before the lecture, but I take that back 1000%.
Best video I could find on the subject. Make more please. Maybe a few more seconds of intro. Don't worry about the pronunciation. H8rs can suck it.
Your videos are simply clear and easy to understand. you are an amazing teacher.
Thank you .
Really?It's that easy? My professor spend 2 hours in class trying to explain it and we did not understand it.
This was a very professional and potent delivery of high-quality information. Well done my good sir.
Very easy to understand, thanks.
You don't understand, this was PERFECT, can you just teach my accounting 1 and 2 please looool :D
Wow, thank! I had to watch it about 3x to fully understand but i think im goos now. Great presentation and your example really helped too!
From an accounting standpoint, LIFO is the way to go. From an actual raw goods standpoint, LIFO can have you end up scrapping material or goods because they've been in inventory too long to be used. If you care about the quality of your product, FIFO should always be the alternative.
Thanks man now I'm gonna pass on my exam 3 hours from now thanks to your 4 year old video xD
Thanks for explaining what my professor couldn't!
this is by far the best explanation video on the topic I have seen
I have a midterm in 4 hours and this is a great refresher. Thanks!
Rich Kelleher
I hope you did well in your exam honey
Thanks for this. You helped me understand LIFO & FIFO much better
"Leaf-o and Feaf-o"
:D
Lol, when he said that I started questioning myself
Thank you for your professional and easy to understand presentation. LIFO and FIFO are .difficult to understand in my college accounting class.
Well thank u it is too bad that u don't speak on arabic coz u are better than my teacher hahaha i understand it here btw i study in arabic language and u are the best teacher ever so thnx again
learned more in 10 minutes than i have trying to teach myself over the last 3 days
Thanks for the simple explanation. This video was extremely helpful.
you really simplified this concept my friend . thanks a lot.
Idek what to say bro, you made this seem so easy for me!!!!! Thank you!!!!!
Thank god I found this video. I was so confused
ok where I am getting confused is how you coming up with the number for sold. I still need help. You make since but I still am getting lost somewhere
You are amazing!!!!!! I never thought I would learn this......I got it....
Thanks for clarifying it to me, I was here struggling to understand it.
Outstanding. I agree, so much better than my professor who is retiring with over 20 years of accounting experience.
your example is way to easy for understanding, thank you.
Why don't we have this kind of teachers
I literally love you so much. Thank you, thank you, thank you!!
Happy to help!
Wonderful video! At 6:13 you circled $80 when you meant to circle $20
8::34 LIFO is MORE hoops to jump through if you are using LIFO accounting method and it's the international standard ? Did you mean to say that?
Yea he twisted his words
That part you explained ...that companies will have 5 dollars worth of inventory in the books while the actual worth is 200 ......that is the most important part...
studying with the time I have left, this is really helpful thank you.
Was having trouble understanding this in financial account class..... not any more.Thanks :)
The best..where can I find more of these with the same guy plz?
Damn, Pretty Good! Helped me a lot for Accounting test.
LIFO doesn't seem counterintuitive. It is counterintuitive! Lol Thanks for the video
Thanks boss for your crystal clear explanation! Cheers!
Thankyou!You make it sound so easy
Where can I go to watch the weighted-average method?
VERY helpful, thank you SO much, Andrew
Great explanation!!! Please do more videos!
Excellent presentation! Very helpful!
Explained simply. Good job.
I carry the same tune that dominates much of the comment section. Your explanation was superior to that of my useless professor.
You're a lifesaver thank you so much
Micko Lagundino
He saved me and my ass as well
Such a great, simple explanation; thank you!
☠️OA class was here period poo🥢🧃🧃
thank u for your explaination on fifo and lifo
Really good presentation, thank you!
Great video. Thanks
this was great, very good explanation and great job of providing some context.
Coming to the main point, you said we can have $5 sitting on our books along with LIFO together with 100 ping pong balls and if the plastic price goes up to $2, not 0,05 as before = our books will look better. Is that right sir?
Great & Simple Explanation
Thank you for this video! It helped me a lot!
Thank you but i didnt understand the part where you sell 200 @ $0.50? from where this 0.50 came from ?
spouse they sell 200 unit for $0.50 for making brofit .......then 200*0.50=100 and without profit acording FIFO he receive $20 and after profit he receive 100$ then minus your purchase 20$....now he have 80$ profit
Great explanation!
Thank you so much for this video!!
thanks, was very helpful!
Great! Very simple
what an easy way to understand that xD
Thank you!!!
Thanks for your help.
Hey yo, why does the price of the plastic keep increasing relatively, can somebody explain that?
Thanks you sir
Very well explained. I hope I ace my quiz in a few hours : )
Thanks more cleared now nice presentation
Hell yeah man thank you!
doesn't $0.05 mean 5 cents not 5 dollars? Or is is different in accounting
In the world of banking system, where money is created out of thin air (thanks to central banks and also commercial banks with fractional reserves) which creates inflation, it would be normal to use LIFO in order to capture REAL profit (not nominal), therefore using the latest price. But I guess governments are not interested whether companies are in REALity profitable, they just want out money. The higher nominal profit, the higher collected taxes.
That was helpful thanks.
Perfect 👌. Thank you 🙏
it looks good and easy
Thank you! You rock!!
In this video I explain FIFO, LIFO and average cost methods to value the stocks stored by a company, to estimate the cost of goods sold and to determine the commercial result (profit or loss) of the firm: ua-cam.com/video/mOM1Lqqydos/v-deo.html.
Really good presentation, but you should turn down the intro its to loud compared to your voice
hold up where does he get the 80$ and 65$ from?
Great video 👍🏿
Thank you!
teriffic video! good stuff.
Thank you thank you
CAN ANYONE TELL ME HOW TF DOES 30 PLUS 30 UNITS EQUAL 40??
tks!!!!
I have some examples that I can't solve them
I love you haha this has helped so much
Fifo and lifo, if we buy less and earn more we have to pay more taxes, how tax matters!?
I see what you were trying to do but, you left too much information off the board to bring the concept together.
people here talking about passing accounting courses.
im just here struggling with the tax man
thank u sir
good one
Never heard it as and FEEFO LEAFO
ur awesome
f###king helped me a lot bro! I own u one