LIFO Inventory Method

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  • Опубликовано: 24 дек 2024

Комментарии • 222

  • @12370david
    @12370david 5 лет назад +164

    2 hours in a classroom and my professor couldn't explain inventory in a manner that most of us could understand. This guy did it in 8 minutes, kudos.

  • @bigdeweyj
    @bigdeweyj 6 лет назад +116

    I was trying to follow along in my book and got confused. Listend to this vid once and I understand. This is a godsend.

    • @Edspira
      @Edspira  6 лет назад +6

      Happy to hear that!

  • @xAliensful
    @xAliensful 5 лет назад +16

    Seriously, I was doubting myself for changing my major accounting but now I realize it wasn't a bad decision. Some of my accounting professor just aren't great at explaining certain material which is unfortunate. You explain things with such ease! Thanks for re inspiring me !

  • @ataxia5304
    @ataxia5304 Год назад +6

    You know it's kinda crazy. If you hadn't uploaded these FIFO/LIFO videos I'd probably have spent countless hours still trying to figure this out. In concept it's actually simple but the textbook I have and my teacher's prerecorded lectures make it so much more confusing than it is. Thank you.

    • @Edspira
      @Edspira  Год назад +1

      Glad I could help!

  • @nidoruzi
    @nidoruzi 8 месяцев назад

    9 years later and you explained it so much better than other sources I've been looking at.

  • @joshjanssen3357
    @joshjanssen3357 4 года назад +3

    My professor spent 3 class periods trying to explain this concept... You did it in 8 minutes

    • @Edspira
      @Edspira  4 года назад

      Glad you found the video helpful!

  • @myrnarod9299
    @myrnarod9299 8 лет назад +97

    I understand now FIFO and LIFO. Thanks so much.

  • @angelsheeley8088
    @angelsheeley8088 6 лет назад +2

    I'm in an accounting class and can't wrap my head around costing methods for the grade of me. You are able to explain very well and it is coming clear. I have certainly subscribed to see more and I don't subscribe very often. Thank you so much!

    • @Edspira
      @Edspira  6 лет назад

      Awesome. Thanks for subscribing Angel!

    • @angelsheeley8088
      @angelsheeley8088 6 лет назад

      No problem! Keep posting and keep on inspiring!

  • @Gorecore98
    @Gorecore98 2 года назад

    I feel like you need to be my professor because I finally passes my test after trying on my own and trying to cheat. I couldn't understand what was being taught to me. Seeing this video. I passed in under 20 minutes. Keep it simple. It works

  • @MegsMusic25
    @MegsMusic25 8 лет назад

    I cannot thank you enough for these videos. My college professor does not explain any of this and a lot of us are really struggling. If I hadn't found these videos, I'd definitely be failing....

  • @anhphuongnguyen7665
    @anhphuongnguyen7665 6 лет назад

    wow just awesome! I am studying in an university in Germany and I still couldn't understand this after TWO WEEKS of learning and now with just your 8min video I can get it omg thank you so much!!

  • @maxbolton2555
    @maxbolton2555 5 лет назад +1

    Thank you so much Michael! I wasted so much time with the class-provided McGraw Hill modules that just skipped over everything, but watching this helped me so much!

  • @MichaelOnRockyTop
    @MichaelOnRockyTop 5 лет назад +3

    God bless you Sir. My online sit for doing my accounting homework uses the most convoluted way to do this without much explanation behind why. Your details make so much more sense and have allowed me to solve the problems correctly on my own. I can't thank you enough

  • @brendancarmona4521
    @brendancarmona4521 6 лет назад

    Explained perfectly in 8 minutes to what my teacher failed to explain in an hour and a half. Thanks.

    • @Edspira
      @Edspira  6 лет назад +1

      Ha! I'm glad you found the video useful. Best of luck in your class!

  • @Duaasb
    @Duaasb 5 лет назад +14

    This saved my life... in regards to my accounting finals lol

  • @ronzonmusic
    @ronzonmusic 3 года назад

    I cannot explain how much this has helped me! Thank you all.

  • @elperrodelace
    @elperrodelace 7 лет назад +19

    this is amazing, why can't my professors explain it like that? ugh! thanks, very helpful video.

  • @findingbigfootwithbothhand507
    @findingbigfootwithbothhand507 3 года назад

    I didn't focus during class and so this is saving me from my own stupidity. Very helpful video. Thank you

  • @gabriellebrunner1610
    @gabriellebrunner1610 5 лет назад

    I cannot say thank you enough. I'm so grateful for this. You explained it better than anyone has!!! Thank you!!

  • @SandNigah
    @SandNigah 6 лет назад

    I’m doing CMA P1, and my god is this guy helpful...

    • @Edspira
      @Edspira  6 лет назад

      Thanks BigTubesMcgee. Happy to help!

  • @enriquebn4853
    @enriquebn4853 4 года назад +1

    Just wanted to thank you for making this videos. They are life savers for me. Very clear explanations.

    • @Edspira
      @Edspira  4 года назад

      Glad you like them!

  • @veronicalewis5195
    @veronicalewis5195 3 года назад +1

    Thank you for explaining this sooo well!! I have an exam tomorrow and I was freaking out about calculating lifo and fifo. After watching these videos I feel more confident about that section of the exam !! Thank you again

    • @Edspira
      @Edspira  3 года назад +1

      You got this!

  • @MyFinancialFocus
    @MyFinancialFocus 2 года назад +1

    Love creative accounting methods like FIFO and LIFO!

  • @josicatimuaydatuwata5909
    @josicatimuaydatuwata5909 10 месяцев назад

    8 minutes vid change my life lol. Thank you so much, I read a lot of books and its made me more confused

  • @graceswift7007
    @graceswift7007 2 года назад

    This is the best explanation ever and saved me so much time. Thank you!!!

  • @saratursun295
    @saratursun295 9 лет назад +1

    This video helped me a lot , way more batter than my class. Thanks so much.

    • @Edspira
      @Edspira  9 лет назад

      +Sarigul Tursun It's my pleasure. Have a great winter break!

  • @brenstanbrownee581
    @brenstanbrownee581 7 лет назад +1

    Thanks So Much!.. I've been struggling with this specific topic for weeks until I came across this video.

  • @anisa4668
    @anisa4668 4 года назад

    This is the best video explaining LIFO!

  • @starfish11ish
    @starfish11ish 9 лет назад +3

    Thank you very much, I understand so much better now. I would have emailed my professor,yet with the short responses, I feel I'm bothering when actually I'm the one paying for his time. Thank you again for your time!

  • @7222487
    @7222487 7 лет назад +3

    Your videos are excellently explained and just concise enough. Thank you!

    • @Edspira
      @Edspira  7 лет назад

      Happy to help!

  • @madelinesnow2052
    @madelinesnow2052 6 лет назад

    I was struggling with my homework before I found this video and now I understand! You're a LIFO saver! :D

  • @yungladii1
    @yungladii1 8 лет назад

    The clearest example I have been able to find.

  • @dobakito
    @dobakito 8 лет назад +1

    I had been lost on this for a long time, this really helped.

  • @louissalfi7263
    @louissalfi7263 2 года назад

    you're elite at your job sir.

  • @neida9149
    @neida9149 4 года назад

    Thank you 🙏 , you are a life saver . I learned more watching this video than reading the chapter.

  • @arjuncheema8248
    @arjuncheema8248 5 лет назад

    Better than textbook explanation

  • @JulianaFerreira-mc7tc
    @JulianaFerreira-mc7tc 3 года назад

    im literally in love with you because of all your videos thank you so much

  • @kronosrocks2591
    @kronosrocks2591 6 лет назад +1

    You just helped me study for my final, sir. Thank you!

  • @ryangarcia3912
    @ryangarcia3912 8 лет назад

    Thank you for helping me I did not understand FIFO and LIFO from my professor, he goes quick in class but you made it really simple and easy to catch on to.

  • @slugbeater
    @slugbeater 2 года назад

    YES THE FIFO AND LIFO HAVE MATCHING VALUES SO I CAN COMPARE BETWEEN THE DIFFERENT INVENTORY METHODS BETTER. THANK U

  • @sierracriesintheshower
    @sierracriesintheshower Год назад

    god bless you sir, you made so much sense that my professor could not.

  • @treyrussell5120
    @treyrussell5120 4 года назад

    Fr thank you so much, my accounting class made this way more confusing than it needed to be and now i totally understand this!!!!

  • @Sarah-Legacy
    @Sarah-Legacy 4 года назад +1

    Probably just saved me 20 points on my midterm.

    • @Edspira
      @Edspira  4 года назад

      Glad to hear it!

  • @madskills1485
    @madskills1485 7 лет назад +2

    Thank you so much sir for spending some of your time explaining these terms. You are very good at it and very natural. And honestly even better than my university teachers :D. So easy to understand when you explain it. Thanks again, you are doing an amazing work!

    • @Edspira
      @Edspira  7 лет назад

      Thanks Mario! Comments like these get me inspired to keep making more videos :)

  • @brendanmclaren1111
    @brendanmclaren1111 3 года назад

    This saved me, thank you for the clear description!!

  • @denisecrosby4534
    @denisecrosby4534 9 лет назад +23

    Great explanations of costing methods. Thank you!

    • @Edspira
      @Edspira  9 лет назад +1

      +Denise Crosby Thanks!

  • @camilosanchez5696
    @camilosanchez5696 3 года назад

    Thank you dearly, you helped me understand the final exam question....Sir!

  • @Jessica-jp7vu
    @Jessica-jp7vu 3 года назад

    I love how simple you explain it
    I just get confused when the questioned are formed in a different way :[
    thank you for your great Explanation

  • @bellabugs
    @bellabugs 5 лет назад

    omg i spent so many hrs trying to understand this and you explain it better than that dumb book

  • @alaasalah8986
    @alaasalah8986 2 года назад

    Honestly u saved my life!! Thank u

  • @andreacardenas3167
    @andreacardenas3167 6 лет назад +1

    God bless this video! The best explanation yet!

  • @kachow9
    @kachow9 Год назад

    loved the video, especially because of the crickets in the background

  • @clarissamartinez8004
    @clarissamartinez8004 3 года назад

    Amazing! You were right to the point, the book I'm using for my accounting class isn't thorough and my professor made it more complex then what it is. Thank you!!

  • @dekhakiin1113
    @dekhakiin1113 4 года назад

    Thank you so much. You have really explained in an easy way for someone to understand because I couldn't get how my lecturer explained and I hav CAT next next week 🤗

  • @owenburke2129
    @owenburke2129 4 года назад

    Thank you for making these videos. My book does an awful job of explaining this. After 2 hours of staring at my book, I've got nothing. 8 minutes on here and I'm good to go. Cheers

  • @Chris-fe1kx
    @Chris-fe1kx 6 лет назад

    Thank you so much! Explained 10x better than my teacher.

  • @champagnepapi1359
    @champagnepapi1359 5 лет назад

    Thanks man! This video legit taught me more than my professor has lol

  • @bedroomguitarist8681
    @bedroomguitarist8681 7 лет назад +1

    This was really helpful.. good stuff bro!

  • @sairysegarra8695
    @sairysegarra8695 6 лет назад

    I just want to say, thank you for this explanation.

  • @sarinyatean1651
    @sarinyatean1651 5 лет назад

    I speak second language, so it's hard for me to understand to from the book. This video is so easy to understand. Thank you so much

  • @swanauto47
    @swanauto47 4 года назад +1

    Thank you for this video, you’re a really good teacher!

  • @PureColorsOG
    @PureColorsOG 7 лет назад

    THANK YOU SO MUCH I REALLY NEEDED TO LEARN THIS I HAVE A TEST IN 30 MIN

  • @MS-uf3ex
    @MS-uf3ex 7 лет назад +2

    Thank you so much!! I understand FIFO and LIFO now!

  • @CultureLover2009
    @CultureLover2009 4 года назад +1

    Wow you are an excellent teacher . Thank you so much!

    • @Edspira
      @Edspira  4 года назад

      Thank you! 😃

  • @Appleaddict22
    @Appleaddict22 8 лет назад +4

    You kind of sound like Will Ferrell when he's being serious. Great videos btw, helped a lot!

  • @Dabulletmakheba
    @Dabulletmakheba 4 года назад

    just like everyone `s professor , even mine took hours trying to explain an 8 minutes concept ..... YESSS IN 2020 but this has been made easier years ago

  • @estellahermione6837
    @estellahermione6837 4 года назад

    Thank you so much for all of your videos. God bless!

  • @Lava589
    @Lava589 9 лет назад

    Great video! This explains so much more that was not really touched on in my class. Thank you!

  • @KensteLord
    @KensteLord 9 лет назад +1

    Great video, I'm exam ready now!

  • @lisaivanova1217
    @lisaivanova1217 7 лет назад

    better than it was explained by my tutor

  • @crystalwaters9963
    @crystalwaters9963 5 лет назад

    Is there a difference in computation in terms of perpetual and periodic? If so do you have a video that goes into detail?

  • @倩倩-e1f
    @倩倩-e1f 7 лет назад

    I'm gonna have a test soon ^^ thanks for your Videos!!! It really help me a lot !!!

  • @KippsyFactor
    @KippsyFactor 3 года назад

    Great explanation and examples this helped!

  • @MegaBlepper
    @MegaBlepper 4 года назад

    CEO of youtube teaching

  • @jasminesanchez9035
    @jasminesanchez9035 7 лет назад

    Thanks for the explanation. My problem is always remembering the step by step process that is required to do these problems. ):

  • @febinbarose3741
    @febinbarose3741 5 лет назад

    Thanks for simplifying it..you are a good teacher!

  • @andrewl.miller8000
    @andrewl.miller8000 5 лет назад

    wow he makes it easy to follow

  • @EliHurrell
    @EliHurrell 2 месяца назад

    Do we add cogs and E.I. together?

  • @juanarispe3371
    @juanarispe3371 5 лет назад

    great video thank you I think I learned more here than at my class :)

  • @JamesHanzimanolis
    @JamesHanzimanolis 9 лет назад +1

    Great video! Explained very well.

  • @ufobuss1317
    @ufobuss1317 7 месяцев назад

    So what if there’s a beginning inv do I just use that as first out instead of first purchase

  • @radoslavdimitrov227
    @radoslavdimitrov227 3 года назад

    Thanks once again for the helpful video.

  • @flemingdcosta1705
    @flemingdcosta1705 5 лет назад

    Thank you for saving my life sir

  • @theragingcreeper9040
    @theragingcreeper9040 5 лет назад +1

    Is it bad that I learn more on youtube than I do in college...

  • @JR-oi2cf
    @JR-oi2cf 8 лет назад

    both videos are very helpful. thank you

  • @vinceguerenski
    @vinceguerenski 8 лет назад

    What if you only want to know the Ending Inventory of LIFO? do i still need to do COGS before i get Ending Inventory ???

    • @funnybone1994
      @funnybone1994 8 лет назад

      If you only had purchased you add them all up to get Ending Inventory. If you sold something (coming out of inventory) you do have to calculate COGS, because you will need to add beginning inventory and purchases minus COGS to get Ending Inventory.

  • @Anneeeeee96
    @Anneeeeee96 8 лет назад +1

    Hi, may I know if this method if for periodic or perpetual systems?

  • @yolow69
    @yolow69 4 года назад

    Thanks for answering the whys!!!!

  • @johnrovicgerong433
    @johnrovicgerong433 5 лет назад

    Thank you sir for the helpful explanation made understand more of the 2 lifo and fifo

  • @david_sgnhm3131
    @david_sgnhm3131 3 года назад

    You made my day man

  • @Tmaria-wn3hc
    @Tmaria-wn3hc 7 лет назад

    How much did you sell the tshirts at? my lecturers, method and your method is so different i am now confused

  • @daddypure1861
    @daddypure1861 5 лет назад

    THANK YOU SO MUCH SIR YOU MAKE ACCOUNTING SO SWEET THANKS

  • @andrewjconners
    @andrewjconners 7 лет назад

    I can't wait for this class to be over...

  • @Tashilhami
    @Tashilhami 8 лет назад

    I'm perplexed as to why did you take the units from 3/1/17 when it's supposed to be last in first out? Generally, wouldn't you need to use the units from 4/3/17 since it's the most recent purchase?

  • @83dedebub
    @83dedebub 8 лет назад +2

    This comment is my VIRTUAL HUG to you! THANK YOU!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! LIFO FIFO AND AVG COST VIDEOS!!!

    • @Edspira
      @Edspira  8 лет назад +2

      +Danielle Michelle Thank you for the kind words! I am sending a huge virtual hug right back to you!!

  • @ArtaD
    @ArtaD 10 лет назад +6

    Thanks a million for your video. :) You're the best

  • @maxameddeeq4442
    @maxameddeeq4442 7 лет назад +2

    thanks very well this videos helped me too much

    • @Edspira
      @Edspira  7 лет назад +1

      No problem Maxamed. Thanks for watching!

  • @abohnady
    @abohnady 5 лет назад

    What happens if the last sale happens before the last purchase?

  • @Casey-gi5eb
    @Casey-gi5eb 9 лет назад +3

    do you know the answer to this. One advantage of the LIFO method is that
    A. an equal cost is assigned to each unit, so net income doesn’t fluctuate as much as with other methods.
    B. flow of goods and flow of costs are the same.
    C. it matches current selling prices and current costs.
    D. ending inventory is valued at very old costs.

    • @Edspira
      @Edspira  9 лет назад

      +Casey Ridgell C is the answer

    • @icecold1805
      @icecold1805 6 лет назад

      Its C. Cause A. Is calculating an average for all units. B. would only make sense if all purchased goods were worth the same, and D. its exactly the oppoite of LIFO, it would be FIFO.

  • @carolinevlogs7074
    @carolinevlogs7074 5 лет назад

    at 4:15 , can someone tell me how 150 units became 25 ? hopefully someone replies asap, i have a quiz this wednesday and i am doomed because i cant do calculations

    • @simigu1071
      @simigu1071 5 лет назад

      •The life of a survivor• it didnt become 25, he took away 25 so that when he added it with 225 it became 250 which he has to so it matches with the amount of tshirts sold which is 250