LIFO Inventory Method

This video explains the LIFO inventory cost assumption (last in, first out). An example is provided to illustrate how LIFO is used to calculate cost of goods sold and ending inventory.
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[@12370david]

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]

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]

Happy to hear that!

[@myrnarod9299]

I understand now FIFO and LIFO. Thanks so much.

[@Edspira]

Awesome!

[@angelsheeley8088]

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]

Awesome. Thanks for subscribing Angel!

[@angelsheeley8088]

No problem! Keep posting and keep on inspiring!

[@xAliensful]

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]

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]

Glad I could help!

[@joshjanssen3357]

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

[@Edspira]

Glad you found the video helpful!

[@elperrodelace]

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

[@Duaasb]

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

[@habibi_nation3673]

Same here man mashallah

[@nidoruzi]

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

[@MyFinancialFocus]

Love creative accounting methods like FIFO and LIFO!

[@MichaelOnRockyTop]

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

[@maxbolton2555]

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!

[@myflymkultra268]

Mcgraw Hill = hell

[@Gorecore98]

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

[@slugbeater]

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

[@brendancarmona4521]

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

[@Edspira]

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

[@anhphuongnguyen7665]

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!!

[@josicatimuaydatuwata5909]

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

[@ronzonmusic]

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

[@enriquebn4853]

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

[@Edspira]

Glad you like them!

[@starfish11ish]

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!

[@veronicalewis5195]

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]

You got this!

[@alejandrohernandez7340]

took my professor an hour and a half to teach us LIFO, FIFO, Average Cost Inventory, Periodic, and perpetual. It only took you 30 minutes to teach me everything!

[@7222487]

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

[@Edspira]

Happy to help!

[@denisecrosby4534]

Great explanations of costing methods. Thank you!

[@Edspira]

+Denise Crosby Thanks!

[@gabriellebrunner1610]

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

[@MegsMusic25]

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....

[@saratursun295]

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

[@Edspira]

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

[@brenstanbrownee581]

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

[@findingbigfootwithbothhand507]

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

[@kronosrocks2591]

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

[@SandNigah]

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

[@Edspira]

Thanks BigTubesMcgee. Happy to help!

[@neida9149]

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

[@ryangarcia3912]

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.

[@dobakito]

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

[@graceswift7007]

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

[@sierracriesintheshower]

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

[@madskills1485]

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]

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

[@camilosanchez5696]

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

[@louissalfi7263]

you're elite at your job sir.

[@yungladii1]

The clearest example I have been able to find.

[@JulianaFerreira-mc7tc]

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

[@clarissamartinez8004]

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!!

[@arjuncheema8248]

Better than textbook explanation

[@brendanmclaren1111]

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

[@treyrussell5120]

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

[@anisa4668]

This is the best video explaining LIFO!

[@madelinesnow2052]

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

[@dekhakiin1113]

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 🤗

[@Jessica-jp7vu]

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

[@Sarah-Legacy]

Probably just saved me 20 points on my midterm.

[@Edspira]

Glad to hear it!

[@MS-uf3ex]

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

[@Edspira]

Awesome!

[@andreacardenas3167]

God bless this video! The best explanation yet!

[@Edspira]

Thanks!

[@CultureLover2009]

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

[@Edspira]

Thank you! 😃

[@sairysegarra8695]

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

[@Chris-fe1kx]

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

[@swanauto47]

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

[@alaasalah8986]

Honestly u saved my life!! Thank u

[@estellahermione6837]

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

[@sarinyatean1651]

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

[@andrewl.miller8000]

wow he makes it easy to follow

[@bellabugs]

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

[@Lava589]

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

[@febinbarose3741]

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

[@kachow9]

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

[@Dabulletmakheba]

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

[@ArtaD]

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

[@bedroomguitarist8681]

This was really helpful.. good stuff bro!

[@owenburke2129]

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

[@champagnepapi1359]

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

[@kaitlynlea1606]

you are a life saver!!!

[@Edspira]

No problem!

[@JamesHanzimanolis]

Great video! Explained very well.

[@PureColorsOG]

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

[@theragingcreeper9040]

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

[@theragingcreeper9040]

Studying for my final

[@KippsyFactor]

Great explanation and examples this helped!

[@Appleaddict22]

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

[@KensteLord]

Great video, I'm exam ready now!

[@jasminesanchez9035]

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

[@johnrovicgerong433]

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

[@david_sgnhm3131]

You made my day man

[@maxameddeeq4442]

thanks very well this videos helped me too much

[@Edspira]

No problem Maxamed. Thanks for watching!

[@yolow69]

Thanks for answering the whys!!!!

[@chrisvargas8146]

This guy is the boss

[@Saf3i]

It's really helpful! I just understand everything by this video 💙💙

[@gabriellaengle7706]

thank you so much for helping me to understand LIFO!

[@user-rb2lm9fg8n]

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

[@flemingdcosta1705]

Thank you for saving my life sir

[@daddypure1861]

THANK YOU SO MUCH SIR YOU MAKE ACCOUNTING SO SWEET THANKS

[@juanarispe3371]

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

[@jessicasparkle2441]

This is really help me! Thank you so much ✨👍

[@JR-oi2cf]

both videos are very helpful. thank you

[@EuleneChen]

Fantastic video! Thank you very much!

[@MegaBlepper]

CEO of youtube teaching

[@celesterubio7606]

Dude, you rock. Thanks!

[@Edspira]

This made me smile. Thanks!

[@amberengland61475]

Thank you!

[@Edspira]

😀

[@ellenaadrianna3977]

Easy to understand. Thank you. God bless ya!

[@DanielaRodriguez-vb3mt]

Again, you explained it perfectly! Great video

[@mooncores8128]

Thank you for this, sir🥺💖.

[@nancella8755]

you sound so much like foodwishes on youtube, but thanks for the helpful video

[@AsifKhan-md4tc]

this is so clear wow thx bro