The Essential Guide to Inventory in Accounting

[@AccountingStuff]

Which part of Inventory Accounting do you find the toughest?
⏱TIMESTAMPS
00:00 - Intro
00:41 - What is Inventory?
09:34 - Periodic & Perpetual Inventory Systems
21:41 - FIFO (First In, First Out)
31:27 - LIFO (Last In, First Out)
38:24 - AVCO (Average Cost Method)

[@itu136]

Can you please do a video on the topic MANUFACTURING please would really appreciate it

[@AccountingStuff]

@@itu136 Thanks for your request :)

[@gina-raeking2210]

PLEASE PLEASE PLEASE do more on retail inventory/merchandising! You are the only way I understand accounting. I'm learning retail methods, and FOB and LCNVR... what?

[@_eight_]

just in time!!! This is literally what we learned the last two weeks!

[@AccountingStuff]

That's great to hear! Hope it's making sense :)

[@bikenraider99]

One of the best explanations of the subject. Appreciate you making the vid.

[@AccountingStuff]

Thanks, great to hear you found it useful!

[@OfficialMutey]

One of the best videos in inventory that I've seen on UA-cam. Great stuff. Thanks James 😊

[@AccountingStuff]

Thanks, much appreciated :)

[@lordalfaa]

Who else downloaded this after watching it because it's an essential video for their life 😂😂👇
Edit:after liking 👍 it obviously ;)...

[@AccountingStuff]

Thanks!

[@lordalfaa]

@@AccountingStuff I'm the one owing u a thanks here. Thank you

[@AccountingStuff]

@@lordalfaa No worries, great to hear you're enjoying these videos :)

[@lordalfaa]

@AccountingStuff don't ever doubt it 👍

[@AiePro26]

Remember watching you during first year university back in 2019, now I am sitting the ICAEW professional exams next week, how time flies

[@AccountingStuff]

It sure does! Best of luck for next week :)

[@AiePro26]

@@AccountingStuff Thank you!

[@AccountingStuff]

@@AiePro26 You're very welcome :)

[@tytrrtt]

Yeaaa we want about the manufacturing !!! For sure

[@AccountingStuff]

Good to know!

[@sangmilee2992]

Best video, so clear, well explained,subscribed and liked thank you

[@AccountingStuff]

Thanks!!

[@orionwarawa8120]

Your videos are a life saver, keep making them!

[@AccountingStuff]

Thanks, will do!

[@overhead4577]

The best explanation I have ever seen, goods is ok, but how to deal with services, they don't sit in the inventory 😅

[@AccountingStuff]

Thanks :)

[@Shantanusinsights]

I found your content focused more on practical aspects of learning:)

[@AccountingStuff]

Thanks, hope you're finding these useful!

[@gunn_maew]

Thank for this outstanding video. Please post more video about merchandise business like return/receive returned goods, give/receive discount, give/receive sales allowance and fob.

[@AccountingStuff]

Thanks for your request :)

[@oboumaayisata7488]

Hello James thank you very much for your videos they have been really helpful. You are granted with have the abilities to make things easy to understand throughout your exemples. Then, I was wondering if you could cover the BONDS topic: BOND TABLE, on discount vs premium, how to calculate a PRESENT VALUE, etc...
Best regards

[@AccountingStuff]

Great idea! I'll keep these topics in mind for future videos :)

[@boyrobloxian6420]

Hi james im 9 years old and i love your videos

[@basantabishwokarma-xh4nv]

This is great just what i needed

[@AccountingStuff]

Hope you found it useful!

[@boyrobloxian6420]

Hi james im 9 years old and i love videos

[@chitrangipandya3657]

A small request can you please cover Dollar Value Lifo please?😅

[@AccountingStuff]

Thanks for your request!

[@madelyndeluna4802]

waiting for the manufacturing sample ❤️❤️❤️

[@AccountingStuff]

I'll keep it in mind for a future video :)

[@lauravarela8115]

could we get a video on bonds? also, you are awesome!

[@AccountingStuff]

Thanks for your request!

[@victoriancu7358]

If the inventory is being imported, when can it officially be booked as an asset? Is it considered a prepaid expense until the risk is transferred to the owner of inventory?

[@AccountingStuff]

Inventory being imported should be recorded as an Asset when the business takes ownership of it. This is usually determined by the terms of the shipping agreement e.g. FOB Shipping Point or FOB Destination.

[@gearblocksllc]

I am just in shock that I spent $16K on inventory this year I don't even have yet, and I will have to pay tax on it before I've even received it and sold it.

[@RyugaRyuga-i1w]

I like it❤

[@AccountingStuff]

Thanks! That's great to hear :)

[@theteamof315]

Please do the manufacturing inventory management please

[@AccountingStuff]

Thanks, I'll keep it in mind for a future video :)

[@theteamof315]

@@AccountingStuff thanks sir

[@_supert7234]

keep going thanks brooo

[@AccountingStuff]

Thanks, will do!