FIFO Perpetual Inventory Method

This video shows how to use the FIFO (first in, first out) cost flow assumption to calculate Cost of Goods Sold (COGS) and ending inventory for a company that uses a perpetual inventory system.
Companies that use a perpetual inventory system update the inventory account whenever inventory is purchased or sold. Thus, a company using FIFO and a perpetual system would not wait until the end of the period before adjusting the inventory account or recording Cost of Goods Sold; instead, it would record a journal entry to reflect the change in inventory whenever a transaction involving inventory occurs. The use of the FIFO cost flow assumption means that the first units purchased would be the first to flow through Cost of Goods Sold on the Income Statement, whereas the most recent purchases would comprise ending inventory on the Balance Sheet. -
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[@Aspyeater3869]

I understand more on this channel than what my professor teaches me in the classroom.

[@MisterMeatBall100]

His channel is more helpful than my $200 textbook + access code. I just wish i discovered him earlier

[@MaxxHamilton]

These videos put these concepts in such simpler terms to understand than what the teacher shows. Thank you!!

[@safety4290]

Thank you this is actually gonna be so helpful towards my accounting test

[@Destiny-cy8qs]

This helps me 10000X better than even the book! Thank you

[@Nonka30]

Thanks so much for all your video tutorials, Sr. You explained all inventory very clear in couple of min, which my professor did in 3 hours and I didn't understand it..

[@icetrae6137]

Sir, holy crap thank you so much this made my life 2000 times easier

[@nartolawn5483]

this video is so helpful, made it really easy to understand, THANK YOU!!

[@jamesbachui7421]

Thank you so much for the nice lesson on financial accounting

[@armoredsnail]

My man out here reppin Agricola!

[@Edspira]

😂

[@MyFinancialFocus]

All about that cost flow!

[@calebbyers]

Perpetual FIFO is far more organized and straightforward than any other inventory methods IMO.

[@projectprojectx]

actually saved my life

[@Edspira]

😀

[@LionHeartJay]

You're a lifesaver

[@kathryngross5909]

this was so helpful wow

[@ehsanullahehsanjawid8774]

Thank you so much

[@basytkhan592]

lmao I wonder why professors in classes can't teach in such simple ways ...

[@jacobmatagi3198]

The inventory count shows some inventory lost how do you decide what inventory was lost? It looks like one unit was lost and that unit had a $50 value, but the $50 items was from the newest purchased. How do you know you didn't loose the $40 dollar unit? Being FIFO should the assumption be it was the $40 unit lost?

[@alanv3185]

Why does my question give a sale price? It says bought 60 units at $18 and then the next thing says sold 50 at $45. Why is it giving me the price at which it sells?

[@ube-23s]

Mr Edspira, Thanks for trying to help. But can you look at other videos like professor Lazarus, etc. how bright and clear their board is.? It is even hard to read what you wrote. It looks neat but.

[@jamesbachui7421]

Hello friends, how and where should i put my question if i wanted to ask some thing?

[@gees3156]

I didnt understand

[@darrenwashington9842]

I CAN BARELY SEE THOSE DIGITS ON THE BOARD. GUY. IT LOOKS SO FADED.