Hey Tony! Just received my grade for the midterm of my course, 34 out of 40 points; you're my hero! Can't wait to start watching the rest of the series in preparation of the final exam, thanks a lot!
Thank you so much. I could not figure out where I was going wrong in my homework. Turns out, I was just setting up incorrectly which gave me the wrong numbers. You really helped me out because this format makes so much sense.
man i cant even lie, you are actually amazing. You really explained this SO MUCH better than anyone ever has to me. Thank you so much Tony ur awesome man!
Thank you soooo much, I have mid-terms soon and this video broke it down soo much easier. Moving forward I'll use this tabling to calculate it, it worked for FIFO and LIFO too.
Hi Tony! I am not an accountant and in nooooo way good in Accounting, so when I was assigned to discuss process costing with LIFO, FIFO, and Weighted Ave, your videos are my go to! Thanks for this very helpful, easy to understand video! I just want to ask permission to copy your samples here so I can present in my class next week for my presentation :) The class will be recorded, however, it will only be viewed privately.
@@Tony-Bell Absolutely! It will only posted in Google classroom which is private to us students. Thank you very much! I'll definitely put you, your videos, and sample data as a reference to my report.
Debit inventory, credit cogs for those returns. Spreadsheet wise, put inventory back in at cogs price and recalculate from the point of the original purchase in order to get the accurate cogs. Then carry on. This is my best guess and how I would answer it without ever having to do so in the past either. Basically just working backwards from the framework he set up here. Correct answer might be credit allowance instead. Iffy on it since it’s not mentioned here at all.
He just used Account Payable as an example. I was using Cash for my work as the example. You can use any cash equivalent for this since it doesn't specify if the inventory was purchased or sold on account.
Professor, it's normal for us to get a different amount when calculating the average, right ? Because I did what you did in the video and my friend did the same and we got ≈ results that were close
It should be very very very close - the only reason it may be different is rounding (excel doesn't round - even if it shows only 2 decimals, it calculates with all the decimals) - so it should be very close, and identical if you keep more decimals in your answer...
I CANT THANK YOU ENOUGH FOR YOUR VIDEOS! you're saving lives 4 years later, thank you prof!
Hey Tony! Just received my grade for the midterm of my course, 34 out of 40 points; you're my hero! Can't wait to start watching the rest of the series in preparation of the final exam, thanks a lot!
I really learned alot Sir ❤🎉
Thank you so much. I could not figure out where I was going wrong in my homework. Turns out, I was just setting up incorrectly which gave me the wrong numbers. You really helped me out because this format makes so much sense.
man i cant even lie, you are actually amazing. You really explained this SO MUCH better than anyone ever has to me. Thank you so much Tony ur awesome man!
I can definitely nail accounting with you as my teacher
Thank you soooo much, I have mid-terms soon and this video broke it down soo much easier. Moving forward I'll use this tabling to calculate it, it worked for FIFO and LIFO too.
Deserve more respect. Tony you made my day simple ❤
I can't thank you enough. This was a life saver!
OMG this channel is all i need rn i dont care about ferrari or porsche😭
TYSM
Hi Tony! I am not an accountant and in nooooo way good in Accounting, so when I was assigned to discuss process costing with LIFO, FIFO, and Weighted Ave, your videos are my go to! Thanks for this very helpful, easy to understand video! I just want to ask permission to copy your samples here so I can present in my class next week for my presentation :) The class will be recorded, however, it will only be viewed privately.
Of course - as long as it's not publicly/widely posted, go for it!
@@Tony-Bell Absolutely! It will only posted in Google classroom which is private to us students. Thank you very much! I'll definitely put you, your videos, and sample data as a reference to my report.
very simple explanation. Thank you for making my life easier!
thank you so much Mr. Tony it was super easy explanation really appreciate
Great videos , so helpful
Best one. Thank you :)
thankyouuu you explained it so well
Thank you so much. This video really helped me alot :)
You're awesome, thanks a lot.
You are amazing tony, you helped much more than some professors. I appreciate your work!!
thanks a lot. very helpful
Thank u very much. Really helpful
thank you so much, this videos are really helpful:)
thanks a lot
what would happen in case of sales returns in all of the methods?
Debit inventory, credit cogs for those returns. Spreadsheet wise, put inventory back in at cogs price and recalculate from the point of the original purchase in order to get the accurate cogs. Then carry on. This is my best guess and how I would answer it without ever having to do so in the past either. Basically just working backwards from the framework he set up here. Correct answer might be credit allowance instead. Iffy on it since it’s not mentioned here at all.
For part c Journal Entry for 24 May, how do we know the debit is accounts payable and not cash? I don't see anything about it being bought on account.
He just used Account Payable as an example. I was using Cash for my work as the example. You can use any cash equivalent for this since it doesn't specify if the inventory was purchased or sold on account.
Either way is ok for this one
I would reallly appreciate it if you can explain simple average method I'm struggling there 😭😭
still struggling? or May I help you?
accounting G is what ur youtube name should be
Professor, it's normal for us to get a different amount when calculating the average, right ? Because I did what you did in the video and my friend did the same and we got ≈ results that were close
It should be very very very close - the only reason it may be different is rounding (excel doesn't round - even if it shows only 2 decimals, it calculates with all the decimals) - so it should be very close, and identical if you keep more decimals in your answer...
@TRUTonyBell I actually used my calculator,because I did it all by hand so I went by what it showed me and the difference was about 20-30$
👍
what about returns?
You don't answer because you don't care or you don't know?
hearing a person with an American sounding accent saying litre is wild
Ma diddy