Thank you for this video! I was so confused on how to calculate the inventory and COGS until i watched this. You made it easy to understand and explained it perfectly!
Currently taking Intermediate Accounting 1 at WGU and they barely have any example videos on how to solve some of the problems. Your videos explain every problem easily and quickly. Thank you so much!
Is there a scenario where the physical check amount exceeds the calculated ending inventory amount? Would that mean that the Ending inventory is understated instead? So should we Debit Inventory and Credit COGS?
At 3:08 you show that the LIFO Perpetual COGS is the sum of the 40 items sold from last purchased to first purchased from the before the 40 unit sale on 1/8/2021 and you disregard the 25 units purchased below since its in the future and does not count yet. However, when you go to calculate the Ending Inventory, you count back from 75 total units instead of the 50 total units. Why is that? Wouldnt you only count up to 10 units since 50 - 40 = 10? why count future purchases for perpetual inventory?
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Thank you for this video! I was so confused on how to calculate the inventory and COGS until i watched this. You made it easy to understand and explained it perfectly!
Currently taking Intermediate Accounting 1 at WGU and they barely have any example videos on how to solve some of the problems. Your videos explain every problem easily and quickly. Thank you so much!
He's a lifesaver, I could not understand my textbook and came here and he did not disappoint, so easy to understand!
Glad to hear you were able to learn this!
this is the literal worst inventory method, but this video explained it well. ty ty
Haha I was thinking the same thing. It's so easy to make a mistake using this method.
Thank you so so much you rescued me from my struggles .Your videos are life saving and I can't express how grateful I am for you. 🙏🙏🙏💖👍
You have a gift! Thank you for making accounting clear!
I was hoping you had a video on this topic yesterday! Your videos have been a lifesaver and I recommend them to classmates!
Thank you so much for these videos! They really helped me prep for my accounting exam.
You just helped me complete my homework and I only needed to watch 2:23 mins in lol! Big thanks!
Inventory accounting is awesome
thanks bro i needed help for my pre exam and this video was concise
Glad it helped!
thanks for the explanation, I was stuck for few days reading from book and trying to make sense of the question
Life saver!! Thank you
Thank you Edspira 😊
Hello! thank you so much for this amazing video!
Thank you so much!, it really helped me.
this video is a blessing
Great clarification. TYSM.
Glad it was helpful!
Well explained in easy terms
Thank you!
Hello, I was just wondering why we have to change COGS because the actual ending inventory was 1400. Is it because we consider the loss ones as sold?
Is there a scenario where the physical check amount exceeds the calculated ending inventory amount? Would that mean that the Ending inventory is understated instead? So should we Debit Inventory and Credit COGS?
At 3:08 you show that the LIFO Perpetual COGS is the sum of the 40 items sold from last purchased to first purchased from the before the 40 unit sale on 1/8/2021 and you disregard the 25 units purchased below since its in the future and does not count yet. However, when you go to calculate the Ending Inventory, you count back from 75 total units instead of the 50 total units. Why is that? Wouldnt you only count up to 10 units since 50 - 40 = 10? why count future purchases for perpetual inventory?
Thank you!
why do you take 10 units out of the purchases from 1/1? I dont understand
Thanks!
Is there ever a chance where perpetual LiFO can be the same as periodic LIFO?
I guess it’s when all the purchases are sold.
First thought: Cat clothing company makes purrrrchases.