Cost Per Equivalent Unit, FIFO Method, Part 2 (Applying Costs)

Having shown how to calculate the cost per equivalent unit via the FIFO Method in the last video, this video shows how to use the cost per equivalent unit to compute the cost of units transferred out and the ending inventory balance of work in process.
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My professor spent about 45 minutes talking around in circles trying to explain this. I watched this video and the previous and understood it in ~15 minutes. Thank you for the quality content.

[@tyler7992]

Yep. I don’t know why some teachers even bother. Just bring up KZbin and let the videos teach the class lol

[@Edspira]

No problem my friend!

[@kahoslayer]

you make the student accounting life so much easier. Thank you!!

[@nicolasekaputerasamuel896]

Couldn't agree more!

[@jasheilcabalquinto985]

this is so much easier to understand than any other tutorial i found here on yt. one thing, I can't hear the voice well I had to maximize the volume.

[@mohafzal2790]

I was studying this from BPP textbook and they seemed to have a highly detailed and long winded approach to it. I ended up giving up for a while to take all that info in. But You seemed to have simplified it and this video lecture embodies the explain me like I’m five sentiment Thank you sir

[@sakura3475]

I fully agree with the previous comment. The explanation from my professor was not as clear as yours. Thanks a million!!

[@wilkakandombo7655]

Now I understand this how to calculate the cost per equivalent units for both FIFO and Weighted Average Methods. Thank you very much.

[@Estarjud]

thank you so much - you explained this topic so much better than my professor who himself is so confused...i wonder why he ended up doing this job for awhile:( great job keep posting more! 2 thumbs up!

[@taylorthuet6404]

THANK YOU THANK YOU! You are seriously a God send!

[@semiautomaticgluegun]

This video saved me for my managerial accounting exam. Thank you!

[@ranjenny9906]

Your videos are so helpful!!

[@itsazharalam]

thank you so much, sir. you literally saved my marks.

[@Edspira]

You are most welcome

[@thesecretjin5988]

God Knows how helpful you are. God speed to you, MY ACTUAL SIR

[@sharithrakarthikeyan7554]

Nice explanation! 😍 Thank you sooo much!

[@snehasewani1794]

well explained sir , thank you

[@rucetteabaya7570]

thank you!!

[@suzanabu8178]

Thankyou sooooo much ❤

[@niomicummings5670]

how did he arrive to the 8500 vs the 8000 in the weighted average example

[@sawsanaziz7051]

thank youu

[@putri340]

Is it okay to write down direct labor and MOH separately or do i have to combine them?

[@barhamkhalid8564]

What about Cost Reconciliation - Process Costing? I did it for you example, so there are $10 rouding error. is it normal ?

[@emilinsky00]

But why did you include the wip opening costs and not just the costs it took to complete the wip? Didn't they incur in the last period?

[@yoshinegus4019]

FIFO you include them. W.A. you don't.

[@rolandorivera5239]

I have a rush question, in studyng for the CMA and im confused in the part of transfering cost from one department to other, why the % done in Ending WP is not counted as transferred out?

[@its_me_human6448]

It is EQUIVALENT, Think about it with yourself. I'm diploma student who is answering CMA student.