@@Edspira I was pulling my hair out along with half the class trying to understand this in class and you explained it so clearly in minimal time it clicked in my head instantly. Wow, Thank you very much sir!
Is it wrong that I laughed at this comment? It's definitely sad that you didn't learn much during your semester...I just found this amusing. Thanks for watching!
My friend, I have to say I have dug though a ton of RUclips videos regarding the FIFO Inventory Method and never have I ever been able to fully understand how this works watching the video just one time. You've been able to display this information in such a way that I only needed to watch it one time! So with that being said, thank you good sir! Keep doing what your doing! Wonderful Wonderful Wonderful Job!!!
Thank you for this video. My teacher just threw in numbers and started calculating. You gave very clear directions and a great example. Thank you so much for this! I finally understand it :D
This was great! According to the example in my online course, we started with ending inventory.The explanation was difficult to understand. After watching this It made sense and i figured out the correct answers. Thank you!!
Thank god you posted this video! I've been cramming for finals and this is absolutely the best reference I could find for a step by step analysis of how to calculate the necessary accounts using fifo and lifo. Thank you for spreading your knowledge!!
i have my exam in accounting tomorrow and this dude is saving my ass ! based on his calculation and explanation i was able to figure out the solution for a pretty hard mock exam. wish i found him sooner. Instantly subscribed
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: ruclips.net/video/mOM1Lqqydos/видео.html.
Oh my god, thank you so much for this, this helped me immensely! I was stuck on a FIFO problem for at least an hour, nothing was helping me until I found this. Thank you!!
I had to leave a comment but omg this has saved me!! For the past two weeks on my studies I've been doing elements of costing and now I'm on the inventory topic which I think with a proper understanding it is rather simple if you know! But this just made it soo simple to understand and actually shows how you get every number! Thank youu 🙏
OMG a life saver ❤❤ , I was going around about fifo method explanation and I saw your video , so simple and clear . My teacher was in a rush with explanation 😂 I couldn’t even get it but your video helped me and I have acca FA exam this coming Tuesday wish me a luck to pass the 50% . Thank you so much
It turned out that in one our accounting presentation the professor confused FIFO with LIFO so came here to make sure I understand it correctly because it made zero sense to me that we call it First in First out, but start with the latest inventory purchase. Thank you for the clear explanation!😆
+Merve Merve Regarding the difference between period and perpetual FIFO: with FIFO, the end result is the same whether you use the periodic or perpetual method (the journal entries are slightly different, however, because you use a "Purchases" account with the periodic method and don't actually update the inventory account until the end of the period). With LIFO, however, the end result for inventory could be different based on whether you used periodic or perpetual. In times of rising prices, perpetual LIFO will result in lower cost of goods sold (and therefore higher net income) than periodic LIFO. This is because with the periodic method you wait until the end of the period to update the inventory account, and if prices have been rising then the most recent purchase will be the highest per unit price (which increases cost of goods sold more). Hope this helps!
I wish you are my professor because mine makes me want to cry every pretest chapter! Like how does he want us to do a full test before he even starts the chapter??? I cry so many times over this class. I really hope that I can pass this class! Thank you a bunch for this video. It is very helpful.
This is the best explanation out there! Extremely helpful and well done! This is how accounting should be explained. However, please specify that this is the PERIODIC system and maybe post a video on how to do the perpetual system for these methods as well? Thank you so much!
I want to thank you so much for this video. I'm not majoring in accounting, but it's required. I spent hours going over this in my online textbook, and it would not explain where the numbers are coming from, which is why I couldn't understand, so then I started laughing and crying at the same time for a few minutes xD Thank you, just thank you :)
this just explained Fifo better than my textbook/professor
Thanks Joseph!
damn yes
mannnnnn This is so real.. .... My professor literally taught me absolutely nothing.
You explained this better in 8 minutes than my professor did in an hour, thank you so much!
This crack me up
😂
bro. I dont get why. I never used to know the Fifo method because of my accounting teacher. This man saved my life.
Sir, Your videos are simply clear and easy to understand. you are an amazing teacher. Thank you Sir.
Thank you for the kind words Srinivas! Best wishes to you and your family :)
Thanks Sir :-) You are simply superb.
Wishing you and your family a very Happy New Year ahead..
Completely agree! These videos have helped in my managerial accounting class so much!!!
@@Edspira I was pulling my hair out along with half the class trying to understand this in class and you explained it so clearly in minimal time it clicked in my head instantly. Wow, Thank you very much sir!
@@Toph.Beifong. u do realize ur replying to a 2 year old comment right ?...i know i know it's ironic for me to say it
I’ve been trying to figure all this out for the past 2 hours (literally). Lots of crying. You literally explained it SO well. Thank you!
No problem! Glad to hear you got it figured out!
awwww crying
I just love how much this helped me with my accounting homework and exam when my college has turned to all online due to covid19 thank you!!!
big facts
swear saved my life
College and COVID just make you lazy af and class just doesn’t make sense, this however is a lifesaver
yeah me too! so helpful!
Couldn't agree more! Both to the clarity of these videos and devastating increase in laziness with everything online.
I've learned more from this one video than I did in a whole semester
Is it wrong that I laughed at this comment? It's definitely sad that you didn't learn much during your semester...I just found this amusing. Thanks for watching!
bro same. This comment is from 6 years ago. I wonder where you are now. hehe
You make this sound so much easier than my lecturer overcomplicating this and me feeling confused and lost, thank you so much, you’ve saved my life
Thank you sir. I was actually struggling with FIFO and LIFO in my financial accounting class. You explained it perfectly. I now understand.
Great! Best of luck to you in your studies.
My friend, I have to say I have dug though a ton of RUclips videos regarding the FIFO Inventory Method and never have I ever been able to fully understand how this works watching the video just one time. You've been able to display this information in such a way that I only needed to watch it one time! So with that being said, thank you good sir! Keep doing what your doing! Wonderful Wonderful Wonderful Job!!!
I wish I had you as a professor everything you teach makes clear sense
Awesome. I'm happy to help!
I'm doing marketing and this has helped me understand FAR better than any textbooks or teachers.
Happy to hear that my friend!
BLESS IT TOOK ME AN HR TO ACTUALLY FIND YOUR VID AND HELP ME UNDERSTAND MY ACCOUNTING HOMEWORK
I'm glad this video was helpful. Best of luck to you in your studies!
Thank you so much!!
I was struggling with accounting but i think i can get a high score in the exam thanks to you!
It's my pleasure! I'm glad you found the videos useful. I hope you do great on your exam!!
@@Edspira sir can you do gross sales what if expenses is bigger than sales for a small businesa
Lol I have an exam tomorrow🥱🥱
Thank you for this, extremely helpful. I wish teachers recommended more videos like this instead of reciting the textbook.
Thank you for this video. My teacher just threw in numbers and started calculating. You gave very clear directions and a great example. Thank you so much for this! I finally understand it :D
This was great! According to the example in my online course, we started with ending inventory.The explanation was difficult to understand. After watching this It made sense and i figured out the correct answers. Thank you!!
Thank god you posted this video! I've been cramming for finals and this is absolutely the best reference I could find for a step by step analysis of how to calculate the necessary accounts using fifo and lifo. Thank you for spreading your knowledge!!
Thank you just watched average cost ,lifo, and now this one fifo and it makes so much more sense. Literally took 10 min to learn.
Couldn't be more thankful for this explanation currently. Love this.
Glad you liked it!
This was BEYOND helpful. I wish all professors taught this way.
THANK YOU, finally a video that speaks plain english. Thought I was going to fail.
i have my exam in accounting tomorrow and this dude is saving my ass ! based on his calculation and explanation i was able to figure out the solution for a pretty hard mock exam. wish i found him sooner. Instantly subscribed
Good luck, I hope you ace the exam!
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: ruclips.net/video/mOM1Lqqydos/видео.html.
Oh my god, thank you so much for this, this helped me immensely! I was stuck on a FIFO problem for at least an hour, nothing was helping me until I found this. Thank you!!
Even as a spanish speaker, I could understood 100% what you were explaining. Thank you so much! Very clear
Your voice is unbelievably relaxing!
I had to leave a comment but omg this has saved me!! For the past two weeks on my studies I've been doing elements of costing and now I'm on the inventory topic which I think with a proper understanding it is rather simple if you know! But this just made it soo simple to understand and actually shows how you get every number! Thank youu 🙏
ALL your videos have helped me pass my exams over the years. Thank you so much!
Awesome. Keep up the good work!
Finally. After 4 attempts of taking this course, I understand fifo.
this is very helpful. I could not understand in the class, but after I watched this video, I understood everything. Thank you so much.
You are way better than any of my professors! I’ve learned more from you in an 8 minute video than over the entire semester.
That's very kind of you. Thanks!
Oh my gosh Thank you so much!!! I was struggling with this so much, but this video made everything perferctly clear!
Same!
You teach way better than my professor. Million thanks
Happy to help!
OMG a life saver ❤❤ , I was going around about fifo method explanation and I saw your video , so simple and clear . My teacher was in a rush with explanation 😂 I couldn’t even get it but your video helped me and I have acca FA exam this coming Tuesday wish me a luck to pass the 50% . Thank you so much
It turned out that in one our accounting presentation the professor confused FIFO with LIFO so came here to make sure I understand it correctly because it made zero sense to me that we call it First in First out, but start with the latest inventory purchase.
Thank you for the clear explanation!😆
Might just pass my final now, thanks for uploading king
honestly same
saving my life on my accounting exams thanks!
My pleasure. I hope you do great in your course!
Love from South Africa thanks for the help, better explained than the textbook.
Thank you for the encouragement my friend!
THANK YOU. Im taking my accounting classes online so a lot of reading and videos, this video is straight to the point and very clear. awesome work
THANK YOU SO MUCH SIR.....i always watch your video whenever i do not understand from books.....you explain so easily...
Thank you very much! This video saved me from getting bad grades in my midterm. :) Very easily explained.
Mahiul Islam Sohan Thank you, and congratulations on doing well on your midterm!
My professor basically mumbles in a small class of 25 and she is not clear at all! thanks to this video I caught up with the lecture of this Chapter.
Searched for the video in order to understand it 3 days ago you did it better than my own doctor
FIFO and lifo, my favorite inventory concepts :)
Thank you sir, you did what my professor, study module, and text book couldn't do.
+Merve Merve Regarding the difference between period and perpetual FIFO: with FIFO, the end result is the same whether you use the periodic or perpetual method (the journal entries are slightly different, however, because you use a "Purchases" account with the periodic method and don't actually update the inventory account until the end of the period). With LIFO, however, the end result for inventory could be different based on whether you used periodic or perpetual. In times of rising prices, perpetual LIFO will result in lower cost of goods sold (and therefore higher net income) than periodic LIFO. This is because with the periodic method you wait until the end of the period to update the inventory account, and if prices have been rising then the most recent purchase will be the highest per unit price (which increases cost of goods sold more). Hope this helps!
could you just write the formula for finding FIFO here??
Edspira please speak Hindi
thank you QAQ my college entrance exams are around the corner and this really helped me understand what my teacher was tryin to teach
Glad I could help!
almost cried because i didnt understand my accounting homework. but this helped immensely. thank you sir.
I wish you are my professor because mine makes me want to cry every pretest chapter! Like how does he want us to do a full test before he even starts the chapter??? I cry so many times over this class. I really hope that I can pass this class! Thank you a bunch for this video. It is very helpful.
This is the best explanation out there! Extremely helpful and well done! This is how accounting should be explained. However, please specify that this is the PERIODIC system and maybe post a video on how to do the perpetual system for these methods as well? Thank you so much!
Right on the money, extremely fluent to follow' even 5 years later. Thank you!
Just wanna let you know, your videos are great! Helped me get an A in my Graduate Accounting class! Wooo! :) Thanks a lot!! :D
Awesome! Congrats on your A :)
Thank you so much! I was beginning to panic that I wasn't getting this chapter in Acct. "I get it now!" yayyyyy
+Daniela Rodriguez Wonderful! Accounting can be a little tricky sometimes. There are so many rules to memorize!
I was so confused, you explained this in less time then my professor.
i have my accounting final exam tomorrow! this helps me more than my teacher!
Thanks! I was struggling with this for hours until you said something that made it click.
I'm so happy to hear that! Isn't it a great feeling when you put in all that hard work and it finally clicks? I love it!
It's have been 4 years since you upload this video, and still you helped me a lot, thanks
I want to thank you so much for this video. I'm not majoring in accounting, but it's required. I spent hours going over this in my online textbook, and it would not explain where the numbers are coming from, which is why I couldn't understand, so then I started laughing and crying at the same time for a few minutes xD Thank you, just thank you :)
xplained very well sir.....no such vedio I've searched till now xplained me this much clearly....so helpful...👌🏿👌🏿
Thank you so much for posting this, this is saving me right before a test after feeling helpless from not understanding the book or lecture. 🌻
WE need more teachers like you! Thank you!!!
Excellent way of explaining the concept of FIFO
I appreciate that!
Did a fantastic job explaining, I did not understand at all when my professor went over this during class. But, now my i understand it so well
Thanks for the help, I understand FIFO SO much better now!
Excellent!
my oh my -i wish you my teacher !! you explain very very well and clearly like unto a child...many thanks
i would just like to say you explained this better in just 8 minutes than my teacher i paid $300 for. thank you 🤦🏼♀️😂
SAME
Thank you 10/10 way better at explaining this than my teacher.
You saved me during midterms
Congratulations on making it through!
Wow so simple, thanks a ton. Explained it so much better than my professor.
Thank you so much! I was not able to grasp this concept until this video.
The best explanation I've found
Thanks for making this simple! Could not understand this from my teacher’s powerpoints!
I believe this guy is going to save my grade in accounting
Thank you! Videos are better than just reading how to do it. It's confusing since we're modular 😁
you just saved my grade. thank you so much
Awesome! I have 16 videos on inventory if you need any additional help on this topic:
edspira.com/lessons/inventory
Have a nuce day!
Wow! What a clear and concise explanation. Amazing work!
I have an exam tomorrow . you are great teacher thank you
Agreed! Your a lifesaver I was so confused reading from my textbook! Thank you. Going to check your videos for Weighted Average.
Absolutely love this guy! Thanks teacher! You're great
+Ericka Paula Thank you for the kind words! You made my day :)
250 dollar accounting book = terrible explanation.
This guy's free RUclips video = excellent explanation.
Thanks for the video.
THANK YOU!! I could not wrap my head around this from my textbook but this was such a lifesaver
Lifesaver videos! These explanations are so clear!
thank you, the visualization as you talk is so helpful
really helped me understand the concept.thanks for the help sir.keep up the good work.
Glad you found it helpful!
Your videos are super clear. Once again thank you, I will give you credit in my graduation speech haha 😂
Thank you so much! Really loved that you explained the concept thoroughly and super simple to understand!
omg amazing explanation! and this lecture is free. well thank you so much for this amazing content
Thank you so much, was trying to understand this all class. Your video was so clear and helpful
I'm glad you found this video to be useful. Best of luck to you in your class!
When everything makes sense at last minute❤❤❤❤ thank you sir clear and understandable 🙏🙏🙏 I hope my test tomorrow doesnt chop me up 😭😭😭
Good luck!
i was struggling with this topic! thank YOU!!!!!
Glad to help!
Thank you so much, you teach this very well and clear to understand! :)
You're very welcome!
I like the way of how you facilitate this complicate case in finance class.
you saved my life for my midterm tomorrow ! Thank you! I hope you monetized this video
Thank you so much, I had no idea how to do this in class.
I'm glad this video helped you understand this principle. Thanks for watching!
OMG !!!!! You are an angel ... Thank you for this video it was extremely helpful !!
im gone pass the exam because of you , thank you
This helped with my hw big thanks bro
No problem 👍
Your better at explaining than my aice accounting teacher😭
Thank you!
Thank you for this video!!! So clear to understand with a realistic example!
Great video, I'm exam ready now!