Which part of Inventory Accounting do you find the toughest? ⏱TIMESTAMPS 00:00 - Intro 00:41 - What is Inventory? 09:34 - Periodic & Perpetual Inventory Systems 21:41 - FIFO (First In, First Out) 31:27 - LIFO (Last In, First Out) 38:24 - AVCO (Average Cost Method)
PLEASE PLEASE PLEASE do more on retail inventory/merchandising! You are the only way I understand accounting. I'm learning retail methods, and FOB and LCNVR... what?
Hello James thank you very much for your videos they have been really helpful. You are granted with have the abilities to make things easy to understand throughout your exemples. Then, I was wondering if you could cover the BONDS topic: BOND TABLE, on discount vs premium, how to calculate a PRESENT VALUE, etc... Best regards
Thank for this outstanding video. Please post more video about merchandise business like return/receive returned goods, give/receive discount, give/receive sales allowance and fob.
When Inventory is sold, its cost is transferred from the Balance Sheet (in the Inventory account) to the Income Statement (in Cost of Goods Sold). We do this to align with the Matching Principle, which says that Revenue and related Expenses should be recorded in the same accounting period.
Hello! I really like your video series! I have a question about calculating inventory cost for coral growing. Once a mother colony coral is mature and cut into multiple frags, how should I determine the inventory cost? My thought is to divide all the maintenance cost and supplements cost by the number of new frags. Is my thought process correct? Thank your for your help in advance!
If the inventory is being imported, when can it officially be booked as an asset? Is it considered a prepaid expense until the risk is transferred to the owner of inventory?
Inventory being imported should be recorded as an Asset when the business takes ownership of it. This is usually determined by the terms of the shipping agreement e.g. FOB Shipping Point or FOB Destination.
I am just in shock that I spent $16K on inventory this year I don't even have yet, and I will have to pay tax on it before I've even received it and sold it.
HEY BRO I WANTED TO BUY YOUR CHEATSHEETS BUT THEY ARE NOT AVAILABLE IN MY INDIAN CURRENCY :( I REALLY WANTED YOUR CHEATSHEETS SO I HAVE AN IDEA FOR YOU YOU CAN PUT THE GOOGLE DRIVE LINKS OF YOUR CHEATSHEETS FOR YT CHANNEL MEMBERS ONLY SUBSCRIPTION AND SET THE PRICE FOR THEM SO THAT FOREIGNERS LIKE ME COULD ASLO ACCESS YOUR CHEATSHEETS :)
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Which part of Inventory Accounting do you find the toughest?
⏱TIMESTAMPS
00:00 - Intro
00:41 - What is Inventory?
09:34 - Periodic & Perpetual Inventory Systems
21:41 - FIFO (First In, First Out)
31:27 - LIFO (Last In, First Out)
38:24 - AVCO (Average Cost Method)
Can you please do a video on the topic MANUFACTURING please would really appreciate it
@@itu136 Thanks for your request :)
just in time!!! This is literally what we learned the last two weeks!
That's great to hear! Hope it's making sense :)
Yeaaa we want about the manufacturing !!! For sure
Good to know!
One of the best videos in inventory that I've seen on RUclips. Great stuff. Thanks James 😊
Thanks, much appreciated :)
Remember watching you during first year university back in 2019, now I am sitting the ICAEW professional exams next week, how time flies
It sure does! Best of luck for next week :)
@@AccountingStuff Thank you!
@@AiePro26 You're very welcome :)
Please do cover manufacturing inventory! Your videos are very helpful. Thank you.
Thanks for your request!
Your videos are a life saver, keep making them!
Thanks, will do!
One of the best explanations of the subject. Appreciate you making the vid.
Thanks, great to hear you found it useful!
Best video, so clear, well explained,subscribed and liked thank you
Thanks!!
Man you're very the best, you explain accounting better than my professor. Keep going🚀
Thanks, I appreciate it!
Who else downloaded this after watching it because it's an essential video for their life 😂😂👇
Edit:after liking 👍 it obviously ;)...
Thanks!
@@AccountingStuff I'm the one owing u a thanks here. Thank you
@@lordalfaa No worries, great to hear you're enjoying these videos :)
@AccountingStuff don't ever doubt it 👍
Man this is a great video to help me study and remember stuff from accounting 101 classes.
Glad you found it useful ❤
you're literally my savior qwq I dont hate accounting but this stressed me out sometimes :
Hope it's making sense!
PLEASE PLEASE PLEASE do more on retail inventory/merchandising! You are the only way I understand accounting. I'm learning retail methods, and FOB and LCNVR... what?
Thanks for your request!
The best explanation I have ever seen, goods is ok, but how to deal with services, they don't sit in the inventory 😅
Thanks :)
Hello James thank you very much for your videos they have been really helpful. You are granted with have the abilities to make things easy to understand throughout your exemples. Then, I was wondering if you could cover the BONDS topic: BOND TABLE, on discount vs premium, how to calculate a PRESENT VALUE, etc...
Best regards
Great idea! I'll keep these topics in mind for future videos :)
I found your content focused more on practical aspects of learning:)
Thanks, hope you're finding these useful!
This is great just what i needed
Hope you found it useful!
Thank for this outstanding video. Please post more video about merchandise business like return/receive returned goods, give/receive discount, give/receive sales allowance and fob.
Thanks for your request :)
your video explanation is way better than my university professors
Thanks, glad you found it useful!
This is super helpful, can you also make a video on inventory write-down?
Thanks for your request!
At 9:26, why u sold the inventory then cost of goods sold would debit?
When Inventory is sold, its cost is transferred from the Balance Sheet (in the Inventory account) to the Income Statement (in Cost of Goods Sold). We do this to align with the Matching Principle, which says that Revenue and related Expenses should be recorded in the same accounting period.
@@AccountingStuff Ok, thank uuuu
@@LEI大雨 You're very welcome :)
You should do a video on transfer pricing and internal sales.
Thanks for your request!
Hello! I really like your video series! I have a question about calculating inventory cost for coral growing. Once a mother colony coral is mature and cut into multiple frags, how should I determine the inventory cost? My thought is to divide all the maintenance cost and supplements cost by the number of new frags. Is my thought process correct? Thank your for your help in advance!
Hi james im 9 years old and i love your videos
waiting for the manufacturing sample ❤️❤️❤️
I'll keep it in mind for a future video :)
A small request can you please cover Dollar Value Lifo please?😅
Thanks for your request!
could we get a video on bonds? also, you are awesome!
Thanks for your request!
Hi james im 9 years old and i love videos
I like it❤
Thanks! That's great to hear :)
If the inventory is being imported, when can it officially be booked as an asset? Is it considered a prepaid expense until the risk is transferred to the owner of inventory?
Inventory being imported should be recorded as an Asset when the business takes ownership of it. This is usually determined by the terms of the shipping agreement e.g. FOB Shipping Point or FOB Destination.
I am just in shock that I spent $16K on inventory this year I don't even have yet, and I will have to pay tax on it before I've even received it and sold it.
Please do the manufacturing inventory management please
Thanks, I'll keep it in mind for a future video :)
@@AccountingStuff thanks sir
HEY BRO I WANTED TO BUY YOUR CHEATSHEETS BUT THEY ARE NOT AVAILABLE IN MY INDIAN CURRENCY :(
I REALLY WANTED YOUR CHEATSHEETS SO I HAVE AN IDEA FOR YOU
YOU CAN PUT THE GOOGLE DRIVE LINKS OF YOUR CHEATSHEETS FOR YT CHANNEL MEMBERS ONLY SUBSCRIPTION AND SET THE PRICE FOR THEM SO THAT FOREIGNERS LIKE ME COULD ASLO ACCESS YOUR CHEATSHEETS :)
keep going thanks brooo
Thanks, will do!