Same experience here. My old accounting professor with 35 years of experience, with his mumbled presentations, has not matched the clarity of Andrew in the video.
Two hours my professor spent trying to explain this one topic and most of the class was visibly confused very badly, You made it very easy to understand in under 10min please be our teacher :(
From an accounting standpoint, LIFO is the way to go. From an actual raw goods standpoint, LIFO can have you end up scrapping material or goods because they've been in inventory too long to be used. If you care about the quality of your product, FIFO should always be the alternative.
Well thank u it is too bad that u don't speak on arabic coz u are better than my teacher hahaha i understand it here btw i study in arabic language and u are the best teacher ever so thnx again
That part you explained ...that companies will have 5 dollars worth of inventory in the books while the actual worth is 200 ......that is the most important part...
Coming to the main point, you said we can have $5 sitting on our books along with LIFO together with 100 ping pong balls and if the plastic price goes up to $2, not 0,05 as before = our books will look better. Is that right sir?
spouse they sell 200 unit for $0.50 for making brofit .......then 200*0.50=100 and without profit acording FIFO he receive $20 and after profit he receive 100$ then minus your purchase 20$....now he have 80$ profit
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.
In the world of banking system, where money is created out of thin air (thanks to central banks and also commercial banks with fractional reserves) which creates inflation, it would be normal to use LIFO in order to capture REAL profit (not nominal), therefore using the latest price. But I guess governments are not interested whether companies are in REALity profitable, they just want out money. The higher nominal profit, the higher collected taxes.
I learned more in 10 minutes than my professor explaining in the last 4 weeks
Sameeee HHAAHHAHAHAHA
Same!
Great presentation, so much better than my professor who apparently has 20 years of accounting experience.
Same experience here. My old accounting professor with 35 years of experience, with his mumbled presentations, has not matched the clarity of Andrew in the video.
Being an accountant and being a teacher are two different things. He can be a great accountant, and a terrible teacher/presenter.
same.
My accounting professor kept getting mixed up between them, he wasn't even sure he got it right at the end of the lesson. Thank you for clearing it up
THIS HELPED SO MUCH!!!!! I'm from LSU and my accounting teacher doesn't help us at all on this stuff so THANK YOU!!!
You must have had Jan Holmes RIP
Well.... you went to LSU..
this is the first time im hearing someone pronounce FIFO and LIFO like that
First hearing him, I thought I had been wrong all along. But maybe most people say LIE-fo and FIE-fo.
That's so weird, cuz I've heard a lot of people pronounce it like him. I do to!😂😂
Two hours my professor spent trying to explain this one topic and most of the class was visibly confused very badly, You made it very easy to understand in under 10min please be our teacher :(
You literally made me pass my accounting final. Thank you!
Wow! I have struggled trying to calculate FIFO and LIFO but you talk to me like I'm 6 in a language I can understand thank you!!!!
This is where I should have started. I used to like class formats where you do the HW before the lecture, but I take that back 1000%.
Accounting classes have a way of making this simple concept seem really complex. Thank God RUclips exists, I’d be screwed with out it
Best video I could find on the subject. Make more please. Maybe a few more seconds of intro. Don't worry about the pronunciation. H8rs can suck it.
Your videos are simply clear and easy to understand. you are an amazing teacher.
Thank you .
Really?It's that easy? My professor spend 2 hours in class trying to explain it and we did not understand it.
this is by far the best explanation video on the topic I have seen
Thanks for explaining what my professor couldn't!
From an accounting standpoint, LIFO is the way to go. From an actual raw goods standpoint, LIFO can have you end up scrapping material or goods because they've been in inventory too long to be used. If you care about the quality of your product, FIFO should always be the alternative.
Very easy to understand, thanks.
I have a midterm in 4 hours and this is a great refresher. Thanks!
Rich Kelleher
I hope you did well in your exam honey
Wow, thank! I had to watch it about 3x to fully understand but i think im goos now. Great presentation and your example really helped too!
Thanks for this. You helped me understand LIFO & FIFO much better
Thank you for your professional and easy to understand presentation. LIFO and FIFO are .difficult to understand in my college accounting class.
You don't understand, this was PERFECT, can you just teach my accounting 1 and 2 please looool :D
Idek what to say bro, you made this seem so easy for me!!!!! Thank you!!!!!
Thanks man now I'm gonna pass on my exam 3 hours from now thanks to your 4 year old video xD
you really simplified this concept my friend . thanks a lot.
Thanks for the simple explanation. This video was extremely helpful.
learned more in 10 minutes than i have trying to teach myself over the last 3 days
This was a very professional and potent delivery of high-quality information. Well done my good sir.
Well thank u it is too bad that u don't speak on arabic coz u are better than my teacher hahaha i understand it here btw i study in arabic language and u are the best teacher ever so thnx again
your example is way to easy for understanding, thank you.
I literally love you so much. Thank you, thank you, thank you!!
Happy to help!
Thanks for clarifying it to me, I was here struggling to understand it.
Thanks boss for your crystal clear explanation! Cheers!
Outstanding. I agree, so much better than my professor who is retiring with over 20 years of accounting experience.
Thankyou!You make it sound so easy
studying with the time I have left, this is really helpful thank you.
VERY helpful, thank you SO much, Andrew
Thank god I found this video. I was so confused
Excellent presentation! Very helpful!
Wonderful video! At 6:13 you circled $80 when you meant to circle $20
Explained simply. Good job.
"Leaf-o and Feaf-o"
:D
Lol, when he said that I started questioning myself
The best..where can I find more of these with the same guy plz?
You are amazing!!!!!! I never thought I would learn this......I got it....
Why don't we have this kind of teachers
Such a great, simple explanation; thank you!
Great explanation!!! Please do more videos!
Was having trouble understanding this in financial account class..... not any more.Thanks :)
That part you explained ...that companies will have 5 dollars worth of inventory in the books while the actual worth is 200 ......that is the most important part...
Really good presentation, thank you!
thank u for your explaination on fifo and lifo
Great video. Thanks
Where can I go to watch the weighted-average method?
Great & Simple Explanation
You're a lifesaver thank you so much
Micko Lagundino
He saved me and my ass as well
Thank you for this video! It helped me a lot!
this was great, very good explanation and great job of providing some context.
Damn, Pretty Good! Helped me a lot for Accounting test.
Thank you so much for this video!!
thanks, was very helpful!
Great explanation!
ok where I am getting confused is how you coming up with the number for sold. I still need help. You make since but I still am getting lost somewhere
☠️OA class was here period poo🥢🧃🧃
Thanks for your help.
what an easy way to understand that xD
Thank you!!!
Coming to the main point, you said we can have $5 sitting on our books along with LIFO together with 100 ping pong balls and if the plastic price goes up to $2, not 0,05 as before = our books will look better. Is that right sir?
Thanks more cleared now nice presentation
Thanks you sir
Great! Very simple
I carry the same tune that dominates much of the comment section. Your explanation was superior to that of my useless professor.
LIFO doesn't seem counterintuitive. It is counterintuitive! Lol Thanks for the video
Perfect 👌. Thank you 🙏
Hell yeah man thank you!
Thank you but i didnt understand the part where you sell 200 @ $0.50? from where this 0.50 came from ?
spouse they sell 200 unit for $0.50 for making brofit .......then 200*0.50=100 and without profit acording FIFO he receive $20 and after profit he receive 100$ then minus your purchase 20$....now he have 80$ profit
it looks good and easy
8::34 LIFO is MORE hoops to jump through if you are using LIFO accounting method and it's the international standard ? Did you mean to say that?
Yea he twisted his words
That was helpful thanks.
Very well explained. I hope I ace my quiz in a few hours : )
Thank you! You rock!!
Great video 👍🏿
Thank you!
teriffic video! good stuff.
Hey yo, why does the price of the plastic keep increasing relatively, can somebody explain that?
tks!!!!
Thank you thank you
good one
doesn't $0.05 mean 5 cents not 5 dollars? Or is is different in accounting
thank u sir
In this video I explain FIFO, LIFO and average cost methods to value the stocks stored by a company, to estimate the cost of goods sold and to determine the commercial result (profit or loss) of the firm: ruclips.net/video/mOM1Lqqydos/видео.html.
In the world of banking system, where money is created out of thin air (thanks to central banks and also commercial banks with fractional reserves) which creates inflation, it would be normal to use LIFO in order to capture REAL profit (not nominal), therefore using the latest price. But I guess governments are not interested whether companies are in REALity profitable, they just want out money. The higher nominal profit, the higher collected taxes.
Really good presentation, but you should turn down the intro its to loud compared to your voice
hold up where does he get the 80$ and 65$ from?
I love you haha this has helped so much
people here talking about passing accounting courses.
im just here struggling with the tax man
I see what you were trying to do but, you left too much information off the board to bring the concept together.
CAN ANYONE TELL ME HOW TF DOES 30 PLUS 30 UNITS EQUAL 40??
ur awesome
I have some examples that I can't solve them
Fifo and lifo, if we buy less and earn more we have to pay more taxes, how tax matters!?
Never heard it as and FEEFO LEAFO
Wow