Tony, as someone who has never done ANY accounting before... you are a lifesaver for me!! The textbook we are using does not explain how to calculate many accounting concepts fully. Our lecturer is good, but it is so much more convenient to watch, pause and practice at home! Thank you so much for your easy to understand & step-by-step solutions!!
my finals will be in 2 weeks..as always you never fail to help me understand the subject matter. I wish you're my professor in Accounting. Some professors don't know how teach. They make it more confusing to the students. Keep up the good work! Thank you so much!
You have no idea how much you have helped me. I am having a hard time in my accounting class. The book has been of little help to me. I watched this video three times, now I totally understand this problem. Thanks.
oh my god i'm so excited! with this lecture i am sitting in front of the computer and doing my fill in the blank/ missing figures from what i just learn hear, just by getting the basic concept. love ya!
Thank you so much Tony! It is so much easier when you explain it like this! I passed my exams thanks to your videos. So what else can I say? Just thank you! Thank you! Thank you!
Thank you very much, my lecture revision notes did not explain this very well. It really is very simple once you get your head around it. I now feel prepared for my exam tomorrow. YAY! Thanks again.
OMG THANK YOU SOO MUCH... I have a quiz tomorrow and I had no idea what was going on if it wasn't for this one video.. My professor didn't tell us that the ending inventory came from the next months numbers.. .OMG THANK YOU
Hi Rob, The schedule of payments would be almost the opposite of the cash collections. Collections means cash coming in, payments means you need to track cash going out. I don't have a perfect example in my videos, but you may want to check the material purchases budget...that may help!
The Close of August will be equal to the start of September, but that really doesn't play into the question unless you have more September info. The only thing I can thing is that it may in fact be a typo, and ought to read "the closing stock of September is..." That would give you the beginning for October, which would be relevant to your question. Really difficult for me to tell without looking at the question, perhaps ask the person running the course or a peer? Sorry I can't help more!
I couldn't understand this at all, but tony, cheers to you forever, thank you so much. My finals are coming up. Thumbs up... Suppose you were given a figure in units plus 10%, for the end of each month sales instead of just 10% alone.
@EquesLu- I'm not sure about that...seems like your prof and I are talking about two different types of production budgets...not saying he's wrong...just we used the same name to describe different budgets.
Hi Mary, It's too difficult to tell without seeing the whole question. I suspect that your Quarter 1 sales production will be the key to this whole thing. Last year, if you knew you were going to sell 5,000 in Q1 of this year, how much inventory would you want to have ready?
Hi Tony, Thanks for your video. how can I find the beginning inventory with this info:*Sales Quarter 1: 5000, quarter 2: 6000 quarter 3: 7000. *ending RM inventory:50% of the next quarter's production.*ending finished goods inventory: 30% of the next quarter's expected sales units.*3rd quarter production 7250units.
Hi Tony, this was very useful but just wondering if you could help me. My assessment question needs to prepare budget for quarter ending 31 Dec and I have unit details for Oct, Nov, Dec and Jan. It tells me EOM inventory is 80% of the following months sales. It then says "The closing stock of August will be qual to this". This last bit referencing August has confused me. Any ideas?
Hi Tony, I found your explanation of the production budget really useful thanks. One question I have is how would you calculate this information where you have a 5% of production that fails quality control per month. thanks
+Sue Wilcock Hmmm.... I'm sure there's a smoother way, but here's how I'd compute it. I'd divide my required production (done assuming no waste) by 0.95. This will give us the required production with 5% waste. (It's complicated to explain how I'd lay it out, as it would be a bit awkward, but I hope this gives you the gist.) If I need to produce 1,000 units assuming no waste, I need to produce 1053 units assuming 5% waste. (1000/0.95 = 1053.) If I produce 1053 units and 5% is wasted (1053*.05 = 53), I'll waste 53, and that will leave me with the 1,000 good units I wanted. Again...awkward, and I'm sure there's a better way to do it/explain it, but this seems to me to yield the right answer. Hope it helps!
Tony if it wasn't for accidentally finding you in a Google search I may not have made it past this last chapter of Managerial Accounting! However, I need instruction for the Budgeted Income Statement please!!
I love this video because it helps me to understand my raw talent of being an entrepreneur. these three steps are so familiar to me due to being around wealthy business people that are very successful one of which was Rodney Sommerville, AND i ALSO MET THE AUTHOR OF "RICH DAD POOR DAD" Robert T Kyosaki. Thank you for confirming these life long lessons, because I heard these principles by real life millionaires.
Dear Mr Bell, I've been watching your video for a long time and found them extremely useful. However, can you please clear about the production budget. My teacher stated that production budget = purchases budget + labour cost budget + power budget and distribution budget. Does production budget actually work like this? Can you explain please.
Dear Teacher I want to ask you some question? If we make a new company so we don't have ending inventory. How can i do? when i do the production budget.(put ending inventory or not) i'm not sure.
Sorry Rob, I won't be able to do it. It wasn't rude to ask, and I hope you don't think it's rude that I am saying "no". Good luck in your studies :) PS Are you really named Rob Stark, or are you a fellow fan of Game of Thrones?
How do you work this out? Easyspecs manufactured a single product with a single grade of labour. It's sales and stock budget for the following months are as follows. SALES = 700 units OPENING STOCK = 50 units Closing STOCK = 70 units On completion of work goods are inspected and it is expected that 10% of all units must be scrapped. The standard direct labour hour rate is 3 hours per unit but labour productivity is only 80%. The company employs only 16 workers, who work 144 hours each per period. Required = Production Budget and a Labour Budget.
Dear professor, I have a question want to ask you Friden Company has budgeted sales and production over the next quarter as follows: sales in units april 100,000 May 120,000 June ??? production in units April 104,000 May 128,000 June 156,000 On April 1, the company has 20,000 units of product on hand. A minimum of 20% of the next month's sales needs (in units) must be on hand at the end of each month. July sales are expected to be 140,000 units. What would be the budgeted sales for June (in units)?
bang translate indo dong bang, kalo bisa pake bahasa indonesia aja biar gampang gw anak akuntansi cabang indo bingung bang g paham lu ngomong apa. #cmiiw
People like you are making this world wide web amazing.
Thanks~!
Tony, as someone who has never done ANY accounting before... you are a lifesaver for me!! The textbook we are using does not explain how to calculate many accounting concepts fully. Our lecturer is good, but it is so much more convenient to watch, pause and practice at home! Thank you so much for your easy to understand & step-by-step solutions!!
Thank you!!
my finals will be in 2 weeks..as always you never fail to help me understand the subject matter. I wish you're my professor in Accounting. Some professors don't know how teach. They make it more confusing to the students. Keep up the good work! Thank you so much!
Did the Lord all mighty send you to teach us accounting ? You're awesome !
+Lupe Moreno I think he sent me to annoy my wife.
I agree! I learn so much from HIM! Thank you so much, this is the profession you were born for!
Totally agree
LOL
You have no idea how much you have helped me. I am having a hard time in my accounting class. The book has been of little help to me. I watched this video three times, now I totally understand this problem. Thanks.
MsRo Clay Thanks!!!
oh my god i'm so excited! with this lecture i am sitting in front of the computer and doing my fill in the blank/ missing figures from what i just learn hear, just by getting the basic concept. love ya!
That's excellent! So glad to hear it's helping :)
Thank you so much Tony! It is so much easier when you explain it like this!
I passed my exams thanks to your videos.
So what else can I say? Just thank you! Thank you! Thank you!
Lida Silvana Thanks! And congrats on passing your exams.
You are an amazing teacher. You should teach all the accounting professors who get paid to make student life miserable and hate school.
Thank you very much, my lecture revision notes did not explain this very well. It really is very simple once you get your head around it. I now feel prepared for my exam tomorrow. YAY! Thanks again.
Thanks :) Hope the exam went well!
OMG THANK YOU SOO MUCH... I have a quiz tomorrow and I had no idea what was going on if it wasn't for this one video.. My professor didn't tell us that the ending inventory came from the next months numbers.. .OMG THANK YOU
SteveyYPR Thanks - hope your quiz went well :)
this man is awesome!! thank you so muchTony. You don't know how much you've helped me understanding accounting; please keep it up.
Thanks :)
Tony Bell no problem do you have a video on raw material budget as well as direct labor budget?
Hi Rob, The schedule of payments would be almost the opposite of the cash collections. Collections means cash coming in, payments means you need to track cash going out. I don't have a perfect example in my videos, but you may want to check the material purchases budget...that may help!
The Close of August will be equal to the start of September, but that really doesn't play into the question unless you have more September info.
The only thing I can thing is that it may in fact be a typo, and ought to read "the closing stock of September is..." That would give you the beginning for October, which would be relevant to your question. Really difficult for me to tell without looking at the question, perhaps ask the person running the course or a peer? Sorry I can't help more!
Thanks Jason! What a nice comment :) You've really made my day.
Thank you so much Tony! This is extremely helpful compared to reading the textbook. I understand it so much better!!!! :):)
Thank you for helping me gain a clear understanding!
I couldn't understand this at all, but tony, cheers to you forever, thank you so much. My finals are coming up. Thumbs up...
Suppose you were given a figure in units plus 10%, for the end of each month sales instead of just 10% alone.
Then take that figure and add 10% I suppose!!! Good luck on that exam :)
Your videos have helped me so much. I can't thank you enough!
Thanks!!!
this video is so much helpful to me. Well explained sir. Thank you
Thank you, much easier to understand my tutorials now.
Happy to help!
Thanks so much! No new videos planned.....yet!
Thanks!! that was a great explanation. I just subscribed :) 100x better than my lecturers
Thanks!!
Thank you so much. Your video is easy to understand
Thank you! Excellent!!! It all make sense to me now.
So glad it helped!!
@EquesLu- I'm not sure about that...seems like your prof and I are talking about two different types of production budgets...not saying he's wrong...just we used the same name to describe different budgets.
in person at a millionaire seminar in Oklahoma's Convention Center in 2007
so again thank you for sharing :-)
Hi Mary,
It's too difficult to tell without seeing the whole question. I suspect that your Quarter 1 sales production will be the key to this whole thing. Last year, if you knew you were going to sell 5,000 in Q1 of this year, how much inventory would you want to have ready?
Great video man! Definitely help me understand it better compared to the book. Keep it up!
schaefernd Thanks!!
I don't know if fun's the right word, but these videos make learning accounting much less tedious
Hi Tony, Thanks for your video. how can I find the beginning inventory with this info:*Sales Quarter 1: 5000, quarter 2: 6000 quarter 3: 7000. *ending RM inventory:50% of the next quarter's production.*ending finished goods inventory: 30% of the next quarter's expected sales units.*3rd quarter production 7250units.
well put Mr.tonny,pretty well explained
Moses Otieno Thanks :)
THANK YOU SO MUCH I WISH I FOUND YOU EARLIER IN THE SEMESTER.
Exo erdene YOU'RE WELCOME I WISH YOU FOUND ME EARLIER TOO ;)
Great! Good luck in your class :)
Very helpful, thank you for posting!
YOU ARE AWESOME! Thanks.
Always a gemstone
idude001 Thanks!!
Glad it helped!!
this tutorial video is super easy to understand. you're a student life saver
Phuong Hoang Thank you!
Hi Tony, this was very useful but just wondering if you could help me. My assessment question needs to prepare budget for quarter ending 31 Dec and I have unit details for Oct, Nov, Dec and Jan. It tells me EOM inventory is 80% of the following months sales. It then says "The closing stock of August will be qual to this". This last bit referencing August has confused me. Any ideas?
thank you, your lecture has really helped me out.
maryray10 Thank you!
amazing video helps alot!!!
Awesome!!! found the solution to my question :D
Thank you so much , i appreciate your efforts
abdiasis mohamed Thanks!!
When I get rich I'm going to give you some money just wait for it
kiel king Thank you - I'll be waiting!!
are u rich yet
Hey! very useful video, do you know how to calculate for example the budget sales of July if is not given?
+Lisbeth peña It really depends on the information given. You need to know that info, but you may be given it in some other way...
so helpful!! thanks a bunch
How do you manage huge fluctuations in sales demand (forecasting)?
thanks, helped me a lot!
Mr _Bull3tpr00f Thank you!!
good teacher ...really helpfull..:)
Thank you!
Hi Tony, I found your explanation of the production budget really useful thanks. One question I have is how would you calculate this information where you have a 5% of production that fails quality control per month. thanks
+Sue Wilcock Hmmm.... I'm sure there's a smoother way, but here's how I'd compute it. I'd divide my required production (done assuming no waste) by 0.95. This will give us the required production with 5% waste. (It's complicated to explain how I'd lay it out, as it would be a bit awkward, but I hope this gives you the gist.) If I need to produce 1,000 units assuming no waste, I need to produce 1053 units assuming 5% waste. (1000/0.95 = 1053.)
If I produce 1053 units and 5% is wasted (1053*.05 = 53), I'll waste 53, and that will leave me with the 1,000 good units I wanted. Again...awkward, and I'm sure there's a better way to do it/explain it, but this seems to me to yield the right answer. Hope it helps!
+Tony Bell Thanks Tony for your help, will do some practice examples to get my head around it.
How do you do this in dollars?
Dear Sir Bell,
Do you do some videos on Budgetary Control and Responsibility Accounting?
Best,
No - unfortunately I don't. Maybe at some point in the future...
thanks, very well explained
Thanks!
Thanks , I now understand.
+Laurinda Nicolaus Thank you :)
Great made it simple
Tony if it wasn't for accidentally finding you in a Google search I may not have made it past this last chapter of Managerial Accounting! However, I need instruction for the Budgeted Income Statement please!!
Mae Cody Thanks! I'll be adding to my videos, but it won't be for a while!
you are the best
I love this video because it helps me to understand my raw talent of being an entrepreneur. these three steps are so familiar to me due to being around wealthy business people that are very successful one of which was Rodney Sommerville, AND i ALSO MET THE AUTHOR OF "RICH DAD POOR DAD" Robert T Kyosaki. Thank you for confirming these life long lessons, because I heard these principles by real life millionaires.
Dear Mr Bell, I've been watching your video for a long time and found them extremely useful. However, can you please clear about the production budget. My teacher stated that production budget = purchases budget + labour cost budget + power budget and distribution budget. Does production budget actually work like this? Can you explain please.
Thanks Tony, I am thinking it may be a typo too it is just a random piece of information that does not make sense. Thanks anyway.
Dear Teacher
I want to ask you some question?
If we make a new company so we don't have ending inventory.
How can i do? when i do the production budget.(put ending inventory or not) i'm not sure.
Sorry Rob, I won't be able to do it. It wasn't rude to ask, and I hope you don't think it's rude that I am saying "no". Good luck in your studies :)
PS Are you really named Rob Stark, or are you a fellow fan of Game of Thrones?
How do you work this out?
Easyspecs manufactured a single product with a single grade of labour. It's sales and stock budget for the following months are as follows.
SALES = 700 units
OPENING STOCK = 50 units
Closing STOCK = 70 units
On completion of work goods are inspected and it is expected that 10% of all units must be scrapped.
The standard direct labour hour rate is 3 hours per unit but labour productivity is only 80%.
The company employs only 16 workers, who work 144 hours each per period.
Required = Production Budget and a Labour Budget.
Sorry! I'm not able to do student questions... Hopefully my videos can help steer you in the right direction.
what if i have to find ending inventory of the july
If past sales is also given then ??
I GOT THE ANSWER. THANKS.
Ting Chen Thanks!
Thank you so much!!!!
carranzaiv Thank you!
I don’t really get y for the deduction 13000 was put back for June
THANK YOU THANK YOU SO MUCH
Dear professor, I have a question want to ask you
Friden Company has budgeted sales and production over the next quarter as follows:
sales in units april 100,000 May 120,000 June ???
production in units April 104,000 May 128,000 June 156,000
On April 1, the company has 20,000 units of product on hand. A minimum of 20%
of the next
month's sales needs (in units) must be on hand at the end of each month. July
sales are expected
to be 140,000 units. What would be the budgeted sales for June (in units)?
Ting Chen Sorry, I'm not able to tackle this type of question in the comments.
Thanks! (I think?)
what do you do if there is missing information
+Zaniah Ruiz It really depends on what information is missing (but generally if you lay out the budget, you can fill in the missing parts!)
thank you
Thank you.
Thank you
thank you Sir
why couldnt my school hire you to teach cost accounting :(
vaheh Geragosian Thank you :)
I can just kiss you now, mwaaah, You are the best
bang translate indo dong bang, kalo bisa pake bahasa indonesia aja biar gampang gw anak akuntansi cabang indo bingung bang g paham lu ngomong apa. #cmiiw
only if the teachers could explain like you.
Ericook Northman Thank you!