Thanks so much for making this video. I’m so happy I came across it. In just under 48:00 minutes I have a better understanding of inventory accounting now.
you make my teacher sound mentally challenged. I don't know how you can explain everything so simply and she can make me how to divide numbers. Thank you.
Hi, just wanted to let you know you made a mistake at 25:49. Under FIFO you take the oldest inventory first (first inventory sold). You took the most recent at Oct 30th.
17:00 why don't we maintain or add the cost of inventory purchased on November 1? The 10 units from 40 @ $5 remained, how then does COGS of Ending Inventory all cost $7? Kindly help
So basically we already sold 30 units from that batch and we don't have to do anything with that sold units. here we have 10 units in hand, in FIFO we just get rid of those 10 and remaining we deduct from the batch that costs 7$ per unit. In LIFO we first sell all the things that cost 7$, then if we needed more goods we sell from the batch which costs 5$. I hope this helps
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Thanks so much for making this video. I’m so happy I came across it. In just under 48:00 minutes I have a better understanding of inventory accounting now.
You are a lifesaver I hope ur becoming an accounting teacher
you make my teacher sound mentally challenged. I don't know how you can explain everything so simply and she can make me how to divide numbers. Thank you.
Hi, just wanted to let you know you made a mistake at 25:49. Under FIFO you take the oldest inventory first (first inventory sold). You took the most recent at Oct 30th.
Keep up the content, It really was helpful in understanding.
Nice! I understood everything Professor Ahearn. I have an exam today for chapters 3-7. I hope I will get the highest grade!
hows it going
I have a question. 17:00 What if Sale’s cost are different as Inventory’s cost on Weighted average method? How am I suppose to calculate?
Very helpful. Thanks a lot!
17:00 why don't we maintain or add the cost of inventory purchased on November 1? The 10 units from 40 @ $5 remained, how then does COGS of Ending Inventory all cost $7? Kindly help
So basically we already sold 30 units from that batch and we don't have to do anything with that sold units. here we have 10 units in hand, in FIFO we just get rid of those 10 and remaining we deduct from the batch that costs 7$ per unit. In LIFO we first sell all the things that cost 7$, then if we needed more goods we sell from the batch which costs 5$. I hope this helps
@MIKE MUCHIMBA nice question
@27:30 where did u get 4 units??
i have question about 44:00 why 10 units *25 ?
Very helpful!
Learned so much, thanks!
This is a good video. Idk if it’s how my brain works but you may want to skip to the practice problems then watch the theory
Keep it up, Devin.
Im confused. Why 10 units at. 55
This made it much more easier to understand than my college course. Thanks a lot.
Thank you 🙏🏾 ❤
Love from Pakistan🇵🇰 Ma'm
Respect
Shouldnt the FIFO be 30 * 7 but you had 10 * 7 please clarify at19.07 minutes