FA 34 - Inventory - Weighted Average (Average Cost) Method

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Module 7 examines inventory methods of tracking inventory. It explores the differences between FIFO, LIFO and Weighted Average inventory methods. You will learn to prepare inventory records and to record the journal entries related to tracking inventory.

[@sofiachaconm]

I CANT THANK YOU ENOUGH FOR YOUR VIDEOS! you're saving lives 4 years later, thank you prof!

[@maartendejong470]

Hey Tony! Just received my grade for the midterm of my course, 34 out of 40 points; you're my hero! Can't wait to start watching the rest of the series in preparation of the final exam, thanks a lot!

[@ehudyahuzamaigari2247]

I really learned alot Sir ❤🎉

[@josephjoshua5947]

man i cant even lie, you are actually amazing. You really explained this SO MUCH better than anyone ever has to me. Thank you so much Tony ur awesome man!

[@mohiadinhassanshismail8330]

Deserve more respect. Tony you made my day simple ❤

[@makeresemesenkhela1076]

I can definitely nail accounting with you as my teacher

[@SpuckyBMusic]

I can't thank you enough. This was a life saver!

[@ismailismaili0071]

thank you so much Mr. Tony it was super easy explanation really appreciate

[@maryamrad1583]

very simple explanation. Thank you for making my life easier!

[@mdnahidbinmalek7035]

Great videos , so helpful

[@jimicapaulalozano49]

Hi Tony! I am not an accountant and in nooooo way good in Accounting, so when I was assigned to discuss process costing with LIFO, FIFO, and Weighted Ave, your videos are my go to! Thanks for this very helpful, easy to understand video! I just want to ask permission to copy your samples here so I can present in my class next week for my presentation :) The class will be recorded, however, it will only be viewed privately.

[@Tony-Bell]

Of course - as long as it's not publicly/widely posted, go for it!

[@jimicapaulalozano49]

@@Tony-Bell Absolutely! It will only posted in Google classroom which is private to us students. Thank you very much! I'll definitely put you, your videos, and sample data as a reference to my report.

[@ozgungokceoglu8112]

You're awesome, thanks a lot.

[@noushrab]

Best one. Thank you :)

[@noxolongoako-thomas704]

Thank you so much. This video really helped me alot :)

[@baljitkaur-lz8eq]

Thank u very much. Really helpful

[@aycannur1008]

thank you so much, this videos are really helpful:)

[@lianmabz]

thanks a lot

[@AlbertChanda-oy9m]

Do we record cash or credit sales or both if so how do we go about it ⚡

[@waqasahmed6637]

what would happen in case of sales returns in all of the methods?

[@tastemaieyesss]

how did he get 101?

[@LenaSlavova]

Professor, it's normal for us to get a different amount when calculating the average, right ? Because I did what you did in the video and my friend did the same and we got ≈ results that were close

[@Tony-Bell]

It should be very very very close - the only reason it may be different is rounding (excel doesn't round - even if it shows only 2 decimals, it calculates with all the decimals) - so it should be very close, and identical if you keep more decimals in your answer...

[@LenaSlavova]

@TRUTonyBell I actually used my calculator,because I did it all by hand so I went by what it showed me and the difference was about 20-30$

[@Tony-Bell]

👍

[@akrooma]

what about returns?

[@akrooma]

You don't answer because you don't care or you don't know?

[@Tiiimaa]

I would reallly appreciate it if you can explain simple average method I'm struggling there 😭😭

[@waqasahmed6637]

still struggling? or May I help you?

[@jamezcua387]

You are amazing tony, you helped much more than some professors. I appreciate your work!!

[@daviddiadamo9109]

Ma diddy

[@saint-antoinelaurent]

hearing a person with an American sounding accent saying litre is wild