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!
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?
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?
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!
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.
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!
You have a gift! Thank you for making accounting clear!
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 just helped me complete my homework and I only needed to watch 2:23 mins in lol! Big thanks!
Thank you so much for these videos! They really helped me prep for my accounting exam.
thanks bro i needed help for my pre exam and this video was concise
Glad it helped!
I was hoping you had a video on this topic yesterday! Your videos have been a lifesaver and I recommend them to classmates!
Inventory accounting is awesome
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
Hello! thank you so much for this amazing video!
Great clarification. TYSM.
Glad it was helpful!
Thank you Edspira 😊
this video is a blessing
Thank you so much!, it really helped me.
Well explained in easy terms
Thank you!
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?
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?
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?
Thank you!
Thanks!
why do you take 10 units out of the purchases from 1/1? I dont understand
First thought: Cat clothing company makes purrrrchases.
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.