Cost Accounting: Equivalent Units using FIFO & Weighted Average

[@jenchan8541]

U literally save my life. I finally understand the concept of FIFO method the night before my exam, thank you!!

[@sandrastarling4711]

Thank you!! Finally a video that actually explains where the numbers come from for FIFO!!!

[@jaijagtiani1588]

In my book all sums were wam and my professor taught all by fifo, you're a life saver

[@kennethlimosnero8130]

First of all, nice accent. Also, thank you for the lecture. I learned a lot :)

[@LostJellybean]

very well explained

[@lsw278]

Thanks so much! I hope this helped

[@LostJellybean]

@@lsw278 It did. I was helping struggling with this chapter to understand the FIFO and weighted averge method. The rhythm used used to explain it was just perfect.

[@kofitsatsu9068]

Please can I get your contact?. I will be writing MA in December and I would like you to help me with budgeting

[@nazishroshan5886]

Thank you so much

[@lsw278]

Glad that it helped!

[@baltimoreravens333]

Thank you so much! I have a cumulative final coming up and going back to September's material has been absolutely dreadful! This definitely helped refresh.

[@tiagomarques1053]

the first 150k that are transfered out to Materials (150) and converion costs(150), doesnt that mean we transfered 300? Thank you for your help.

[@BaronBL79]

it did help. thank you.

[@salahz1800]

i understand in beginning Inventory 40 % is taken but why in ending inventory 15% is taken. shouldn't it be 85 % ?

[@lsw278]

If you are referring to FIFO, then we account for the 15% in Conversion Costs that were applied during the period. When we move to the next period, we will still have to APPLY the 85% in conversion to move these from WIP to Finished Goods.