you are a LIFO SAVER or should i say FIFO saver, thanks for the help my book is so useless!
@adequatequality3 жыл бұрын
Finally, someone explained to me why for FIFO we need to do (1 - % complete) instead of just multiplying by the %. Thanks so much!
@duvul15622 жыл бұрын
i was going crazy for the same reason lol,generally i dont find cost accounting hard but equivalent units always made me feel retarded,i was finally understanding the concept until i stumbled upon this.
@TheSerioshka919 жыл бұрын
You are absolutely brilliant. Thank you. Infinitely more helpful than my professor. >_>
@Edspira9 жыл бұрын
Thank you for the kind words!
@nildairiscotto22685 жыл бұрын
Thank you very much. I understood everything. Knowing the concepts make it easier to understand the example.
@whoeverwhoever4009 жыл бұрын
what? how come you just added all the numbers to get the equiv units for the conversion cost? i have a question that asks me to calculate the equi units for the conversion cost using fifo. it says: -beginning wip, 20000 (60% complete) -started in April 340000 -completed and transferred out 320000 -ending WIP 40000 (40% complete) the answer says completed and transferred out + ending WIP - beginning WIP, which is 320000+40000(40%)-20000(60%) = 324000. what?
@McKenZie1b8 жыл бұрын
320,000 + 40,000(40%) is the Weighted Average EUP. The whole WIP, beg is included in the 320,000. So you took away the 20,000(60%) which deducted to get the FIFO since fifo only includes uncompleted WIP, end. And I bet you already know this because it's been a year.
@norawu12855 жыл бұрын
Thank you SOOO MUCH! I have read my textbook and I had no clue, and your video teaches me more than the course itself.
@Sattaar5El8 жыл бұрын
I was sooo lost during the lecture on this. Now I now only understand it but I went back and redid the problem we worked on during class and got everything correct! You made this very clear. Thank you, Professor
@joriz19956 жыл бұрын
shouldn't you be deducting the beginning inventory EUP, and not adding it?
@jizzyq1064 жыл бұрын
An alternative way to calculate FIFO EUP that made more sense to me is as follows. (Unit completed aka transferred out units - bwip units * bwip completion %) + (ending wip units + ending wip competed %) This gives you the same result but with one less step and no need to remember to multiply using (1 - bwip completion %) but great video thanks as always!!
@victorinoruhepo96908 жыл бұрын
Thanks amillion! You are a beast in ManAcc! Thanks for the Help Edu Unlocked! You surely got my SUB!
@tougefreak7 жыл бұрын
How come in my CPA course it says FIFO EFU= % of EWIP units +transfer out-Beg WIPx completion?
@jpswart97824 жыл бұрын
5 years later and this is still the best course worldwide.
@oscarlancetti2617 Жыл бұрын
7 years now
@cozmod1237 жыл бұрын
what If the question wants to know the equivalent units for direct and conversion but the numbers and percent complete are the same. are the equivalent units the same
@jennapink92467 жыл бұрын
I know how to do prime and conversion costs, but the problem I'm trying to solve doesn't include direst material, direct labor, or overhead costs.
@SneakaNeka7 жыл бұрын
what is you know the beginning ending and units started but not what was completed and tranfered out?
@rafapak6 жыл бұрын
how do you usually arrive at units started and completed ? here it was given but how to arrive at this figure ?
@theanum756 жыл бұрын
What if we have to calculate equivalent unit for second department with normal and abnormal loss given ? Thanks
@risankhan64866 жыл бұрын
Thank you very much sir I was thinking that this topic is very difficult but you teach us very well.. Thanksss
@hugoterpstra2127 жыл бұрын
Great video but.. How do I calculate the Units started and completed? WiP opening 225 units (mats 100% complete & Conversion 60% complete) Started 275 units Completed and transferred out 400 units WiP closing 100 units (mats 100% complete % Conversion 50% complete)
@thuyportalios54817 жыл бұрын
I am a student who is studying process costing. I like your question and would like to give an answer. Hopefully it would be correct. We know we started with 275 units and don't know whether all of them are completed. However, there are 100 units in the ending WIP balance which are unfinished units. So the difference between 275 units and 100 units is 175 units that were started and completed during the period. When I add 175 units to WIP opening 225 units, they equal to 400 units completed and transferred out. I think units in the beginning WIP are completed before any new units of production are started during the period. Appreciate if you could check my answer with your professor or anyone who knows this subject well and give me your feedback. Thanks.
@farrukheijaz10267 жыл бұрын
Equivalent units started and completed 175 for Mat and 175 for Conversion
@sajidsadiq55567 жыл бұрын
Will we deduct the ending WIP from started and completed units or not ??? plz guide me...Thnakx
@Edspira7 жыл бұрын
No, you do not deduct the ending WIP. You are basically converting the beginning and ending inventories to an equivalent units basis, then you add these to numbers to the units started and completed for the period.
@kylecuschieri76875 жыл бұрын
what if conversion units are not given please?
@VianneJBuinguyen2 жыл бұрын
THE BEST ACCOUNTING KZbinR !!!
@Edspira2 жыл бұрын
Thank you my friend!
@thobekambali30397 жыл бұрын
why do we multiply the ending work in progress by the percentage of completion because that has been done? am totally confused
@Edspira7 жыл бұрын
We are trying to understand the total amount of inventory that was completed in the period. Basically you want to take the percentage incomplete of the beginning work in progress (the completed portion would have been completed in a prior period). You would then add in all the units started and completed. Finally, you want to calculated the completed portion of the ending WIP (the incompleted portion will be finished in a future period).
@esternestor98336 жыл бұрын
Why is the ending WIP deducted from the units started and completed in some instances? CONFUSED!!!!!!
@ashvinirao58345 жыл бұрын
Yes me too it should ne 2000 - 500 = 1500 in started & completed
@jennapink92467 жыл бұрын
Hi! Awesome videos first of all. Question, how do I find the conversion part? (ex: 300 units, 40% complete) How did you calculate those numbers?
@alidanish87288 жыл бұрын
thank you so much i was not able to understand this topic through the book but through your video now i understand it. moving to wac method.
@Edspira8 жыл бұрын
I'm glad my videos have been helpful!
@AidanMyHeart6 жыл бұрын
I needed so much help and I still do! The way you instruct is awesome and it really allows me to understand the material. Thank you so much! This is truly appreciated!
@riy998 жыл бұрын
I like your way to explain the how to calculate the cost per Unite.
@ethelkaye97317 жыл бұрын
I've followed your instructions but when I looked at the choices in our exam, none of my answer appeared? My professor's fault I guess? 😧
@Edspira7 жыл бұрын
Sorry to hear that! I hope you did well on the exam :)
@ethelkaye97317 жыл бұрын
Education Unlocked why thanks, fortunately I passed. I'll look forward to more videos from you. They're very helpful.
@thekid41927 жыл бұрын
Nice Video as ALWAYS!!!!! A Great CPA Stack per Section, specifically BEC. Ninja CPA Review Questions ($50 for 3 months, I think), THIS AWESOME CHANNEL, and the Roger CPA Cram Course (Roughly $225 for 2 months) way cheaper than Becker... But I do have the book =/ Don't fall into the Becker trap when there are great FREE RESOURCES like this channel out there!!!! PS this is an unsolicited opinion... LOL! Thanks for the great material!
@Edspira7 жыл бұрын
Thanks! The goal is to make CPA prep more managable for those who can't afford a course like Becker. I'm working on audit and tax videos. Thanks for watching!
@kristinebarron15738 жыл бұрын
Thank you for making that so simple!
@Edspira8 жыл бұрын
Happy to help!
@彭凡麒Ай бұрын
Every time I need to test for performance management accounting, I go back to his video. Thank god and Fk CPA.
@junhuilin99862 жыл бұрын
Much better than Kaplan video, thanks so much!
@Edspira2 жыл бұрын
Glad you liked it!
@shareofmoney7 жыл бұрын
Thank you. Great video, I appreciate the simplicity of it.
@nish45398 жыл бұрын
Thanks for making the topics simple through the video
@thatkid24672 ай бұрын
my professor doesn't subtract the percentage by 100 instead they just use the same direct material and conversion costs
@ankypan2 жыл бұрын
Thank you for explaining it so clearly and simple. I was so confused before watching this video.
@Edspira2 жыл бұрын
You're welcome!
@asmrallison Жыл бұрын
God bless you. This was so annoying in class but I finally get it
@Edspira Жыл бұрын
I'm glad it finally clicked!
@NoOneButALIVE8 жыл бұрын
You are a saviour. the world needs more people like you. thank you for the simple and beautiful explanation.
@ricateniente24073 жыл бұрын
Hello😊 I just want to ask where did you get the 2000 in units started and completed, i love the video helps to understand our lesson I'm just confused about the 2000 haha thank you in advance
@hoamyluu29522 жыл бұрын
OMGG thank you so much. Your video makes more sense than the book. I was confused about this and finally understood it!! Thank you soooooo much!!!
@wongkey28 жыл бұрын
Wow this is so much better than the Becker explanation. Question, aren't you supposed to reduce the equivalent units by the beginning balance?
@A280494 жыл бұрын
You are amaaaazing
@RS-cn3fh4 жыл бұрын
You should get paid a professor's salary x 10,000. You are a god!! Thank you for this video!!!!
@shawn10rb14557 жыл бұрын
I love you
@Edspira7 жыл бұрын
:)
@ridazainab57567 жыл бұрын
My teacher has taught me any other method for this. Its a little bit similar to this one. I'm getting confused now. Can you do the other method ? plzzzzzzzzzzzzzzzz
@Edspira7 жыл бұрын
Do you mean the average cost method? I have a video for that method posted
@ridazainab57567 жыл бұрын
Ok I'll check that video too.
@capenterjojo33736 ай бұрын
this video is very useful. he is a guy deserves much happiness as possible for the service he does to all the students around the world.
@sreyneangsom33909 жыл бұрын
Many thanks for your explain, When I watch this video I'm better clear than before. Many helpful to me....
@jarrettgadziemski98533 жыл бұрын
Watching on 2021 -- you are saving me! Thank you for doing do much good in the world!
@tejasshukla50617 жыл бұрын
it is not just the video but help me to get full15 marks in my cost paper,love frome india;
@keron32725 жыл бұрын
This was really helpful mate Thank u very much
@cocoshi45203 жыл бұрын
You are my god. I am gonna pass my cost accounting because of you. Thank you so much!!!
@MuhammadIbrahim-f4m2v10 ай бұрын
Could you please tell me the tools you use to produce this lectures.
@senpaichan97813 жыл бұрын
Here in 2020, This really helps me to understand this!!! Thank u !
@punkinandtigress5 жыл бұрын
How do you get my university to send you the money I paid for tuition? Bless your heart
@reggiepeggie9 жыл бұрын
This is extremely helpful, thank you
@Edspira9 жыл бұрын
Regina Fitzpatrick No problem. I hope you do well in your course! Best wishes :)
@brabdlh7 жыл бұрын
Thanks, very helpful.
@Edspira7 жыл бұрын
Happy to help!
@JK-uq7rm5 жыл бұрын
Are the 300 units & 500 units already a given info?
@tinkerbellychick8 жыл бұрын
Thank you so much! Things are clear to me now, and I can do my hw.
@Edspira8 жыл бұрын
I'm glad this was helpful to you. Best of luck!
@adamjijo89612 жыл бұрын
Thank you mate !
@Edspira2 жыл бұрын
Glad it helped!
@syedamaryam42212 жыл бұрын
Thank you so much Sir for making this so easy 😊
@rob84826 жыл бұрын
That was a superior explination, of a confusing topic, if not explained properly! Great job!