Best explanation of perpetual FIFO and LIFO available on RUclips!! All accounting Professors, please take notes from these videos, this is how you should teach this stuff!!!!!!!!!!!!!!
Mr. Krug, you have made me really believe that I can do this. Thank you for explaining these concepts in ways I would never have understood them if it weren't for you!!
Before watching this video lecture, I had some idea of how FIFO and LIFO work from previewing my textbook chapter, but I had a hell of a time comprehending the arrangement. I say it's the arrangement I had difficulty learning, not the math. Now, after watching this video, I'm beginning to have a clear understanding of the basics of FIFO and LIFO. Thanks so much for taking the time to explain the FIFO and LIFO procedures. You explained them in a way that allows me to let the concepts sink in.
thank you, you are great. You are helping a lot of us. Don't stop teaching and continue doing great job, for this in a simple ways you are helping a lot of people
I got a question on Exercise 6.1 question 2. I think no matter it's FOB destination or FOB shipping point, the merchandise belongs to Jolie since it's the consignor.
Kam Company has the following units and costs. Inventory, Jan. 1 8,000 Units $11 Purchase, June 19 13,000 Units $12 Purchase, Nov. 8 5,000 Units $13 If 9,000 units are on hand at December 31, what is the cost of the ending inventory under FIFO? A.) 99,000 B.) 108,000 C.)113,000 D.) 117,000 Answer is C but i am so confused. I though FIFO was first in first out. wouldn't the first in inventory be the January 1st inventory???? SOMEBODY HELP.
Mijangos The 9,000 ending units come from two purchases. The 5,000 units are from the last purchase which cost @ 13 and the 4,000 units are from last June which cost @ 12. Therefore: 5,000 × 13 = 65,000 4,000 × 12 = 48,000 ------------- Total cost 113,000
The company has 9,000 units left. So it sold 8,000+13,000+5,000-9,000= 17,000 units. Since we are using FIFO then the 17,000 units sold are assigned to the costs of the first units purchased. Doing the calculations, you realize that the company has 4,000 units of 12$ and 5,000 units of 13$ left. 4,000*12+5,000*13=113,000 Which is answer C)
FREE PDF Version of the book? www.ebook-freee.com/2013/01/ebook-fundamental-accounting-principles.html Class Handouts by Mr. Krug? blogs.jccc.edu/accounting/
Best explanation of perpetual FIFO and LIFO available on RUclips!! All accounting Professors, please take notes from these videos, this is how you should teach this stuff!!!!!!!!!!!!!!
Mr. Krug, you have made me really believe that I can do this. Thank you for explaining these concepts in ways I would never have understood them if it weren't for you!!
This REALLY helped me a-lot! This guy is an OUTSTANDING teacher. He uses some very good illustrations. Very well done!
Mr,Krug,You sir.Deserve a cookie.
Im from jamaica and i will tell you this.. "Big up yuhself"
Thanks so much for your videos!!!
Best teacher ever !! Love and Blessings from Somalia
Before watching this video lecture, I had some idea of how FIFO and LIFO work from previewing my textbook chapter, but I had a hell of a time comprehending the arrangement. I say it's the arrangement I had difficulty learning, not the math.
Now, after watching this video, I'm beginning to have a clear understanding of the basics of FIFO and LIFO. Thanks so much for taking the time to explain the FIFO and LIFO procedures. You explained them in a way that allows me to let the concepts sink in.
thank you, you are great. You are helping a lot of us. Don't stop teaching and continue doing great job, for this in a simple ways you are helping a lot of people
great great great lecture
really u r a genius
thanks
I teach accounting and often refer my students to check out your videos for supplemental study or in cases, they might miss my in-class discussions.
Mr. Krug, you make people to love accounting!!
I show this lecture to my dog.
Now he works in KPMG.
You make me love Accounting
Best method of teaching inventory valuation methods that I've ever seen
thank you sir .. you really are a life saver.. im so glad that world has a person like u..
Love your teaching David! Thanks so much. You really help.
I love the LISH and FISH trick!!
If anyone wants the inventory sheets/examples I use in this class, just e-mail me at the e-mail address given in lecture. Dave Krug
You are so good at teaching sir! Why does it seems so easy when you are explaining? 😅
Thank You, Thank You, Thank You!!!
I learned it as stays here, but still here is better. :-D
LOVE HIM! :)
I got a question on Exercise 6.1 question 2. I think no matter it's FOB destination or FOB shipping point, the merchandise belongs to Jolie since it's the consignor.
Where can I find the lessons hand outs? Thanks
Thanks.
Thanks
I wish my acct class was this easy! -_-
You with me? :D
Great lecture.
8 bad teachers disliked this great lesson
now 11
1000 like
Kam Company has the following units and costs.
Inventory, Jan. 1 8,000 Units $11
Purchase, June 19 13,000 Units $12
Purchase, Nov. 8 5,000 Units $13
If 9,000 units are on hand at December 31, what is the cost of the ending inventory under FIFO?
A.) 99,000
B.) 108,000
C.)113,000
D.) 117,000
Answer is C but i am so confused. I though FIFO was first in first out. wouldn't the first in inventory be the January 1st inventory???? SOMEBODY HELP.
Mijangos The 9,000 ending units come from two purchases. The 5,000 units are from the last purchase which cost @ 13 and the 4,000 units are from last June which cost @ 12. Therefore:
5,000 × 13 = 65,000
4,000 × 12 = 48,000
-------------
Total cost 113,000
The company has 9,000 units left. So it sold 8,000+13,000+5,000-9,000= 17,000 units.
Since we are using FIFO then the 17,000 units sold are assigned to the costs of the first units purchased. Doing the calculations, you realize that the company has 4,000 units of 12$ and 5,000 units of 13$ left. 4,000*12+5,000*13=113,000 Which is answer C)
1:03 Ans HW QS 6-10
FREE PDF Version of the book? www.ebook-freee.com/2013/01/ebook-fundamental-accounting-principles.html
Class Handouts by Mr. Krug? blogs.jccc.edu/accounting/
+VJ NR Hi, Can you please e-mail me, the pdf version of the book....lestergallegos@hotmail.com
46:34 Handout Ans