FIFO and LIFO and Weighted Average: Perpetual and Periodic

[@samarjeetkumar9619]

❤️ from India your way to teach is really awesome

[@AccountingLectures]

Glad you think so!

[@monicaa7089]

very well explained Thank you!!

[@AccountingLectures]

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[@stavroskaragiannopoulos5843]

Many thanks for the video.

[@AccountingLectures]

You are welcome! Please visit my website for more resources farhatlectures.com/

[@lingjiang6885]

Well explained video, thank you! I just have one question: at 27:48, when using LIFO, why do rising costs make COGS decreases? Isn't it increasing because we are using most recent inventories?

[@JA-dv4vk]

Very helpful lecture. BTW, Jalol was here

[@AccountingLectures]

Thanks and welcome. Here's my intermediate accounting course: farhatlectures.pathwright.com/library/?category=Intermediate+Accounting

[@TooJaded]

Great video! Quick question though, how did we get $11,000 in the balance section @18:23?

[@elprofetadeallah3149]

the beginning inventory was 5000 units at a cost of $5.00, which is $5,000, in January 10th the company made a purchase of 1000 units at a cost of $6.00 (1000 units x $6.00 = $6,000.00) so the inventory available for sale in units is 6000 and inventory available for sale in USD is $11.000.00( beginning inventory $5000+ new purchase $6000= $11,000.00)

[@markila]

@@Cesy-bg9ym I was confused when I saw that too. I think it may have been a typing error. That balance should be 31,000. Either way, as long as the (unit * unit cost) part is correct you should still get the correct amount for EI at the end

[@saeedal-mitwalli2883]

@@elprofetadeallah3149 I was also confused, should it not be [ ($5 x 5000)+ ($6 x 1000)] = 31,000? How is inventory of 6000 units total less than when it was 5000.

[@johnnyg397]

Professor you made a mistake in 28:15 if costs are rising under lifo cogs will be high net income low and lower taxable income

[@AccountingLectures]

The arrow direction is incorrect. Higher COGS, Lower NI, and lower taxes. TY

[@JacobBailey-df3iu]

under the fifo perpetual how is the first 11,000 computed? I get every other number but that one is not adding up to me

[@nadine3275]

I think it's supposed to be 31,000

[@samkab677]

Professor how to deal with purchase return if any?

[@AccountingLectures]

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