FIFO (Perpetual Inventory)

An example problem for FIFO (First-in, First-Out), using a perpetual inventory system. Finding Cost of Goods Sold and Ending Inventory.

[@alexasimonsis8088]

I have watched countless number of videos trying to teach myself this the way that it was shown in class. This was the only video that was accurate and it just helped me fully understand everything for my exam today. Thank you.

[@stevenforce3344]

Glad it was helpful!

[@bglopezz]

Im taking intermediate acctg (331) and i totally forgot how to do FIFO/LIFO, this video was the best. the way you described what was happening in inventory helped alot! Thank you

[@mariomark2680]

I made a google account just to subscribe to you, your videos are amazing, brief and simplify accounting thank you a lot.

[@stevenforce3344]

Glad they've been helpful!

[@alexise17456]

Thank so much!!! Was struggling on understanding the concept by reading and listening to my professor, she has strong accent and goes fast on a 1 hour lecture, but u sir, u made it simple to understand in lesson than 7mjns

[@stevenforce3344]

Glad to hear it helped! Feel free to check out the other videos on the channel. There are examples for LIFO and Average Cost that might be helpful too. LIFO: kzbin.info/www/bejne/goTJk4yXbsyIe80 Average Cost: kzbin.info/www/bejne/oKXUe61ur9VpY5Y

[@visi5612]

Thank you so much! I understood everything after this video. Thank you!

[@stevenforce3344]

Glad it helped!

[@zaraencanada]

I have a quiz tomorrow, and I finally understand. Thank you so much

[@stevenforce3344]

Good luck on the quiz!

[@nadiamountasser6729]

brief and simplify accounting thank you a lot. 2 Répondre

[@EnthesKepas]

Love this❤

[@deliriouspenis]

thank you im literally cramming 3 hours before my accounting principle final and this helped so much more than my abhorrently fast-paced tutor 😭😭

[@fireflymiesumae]

Thank you 👍🏽

[@danielax2350]

Thank you so much, I just view the LIFO Perpetual video as well.

[@daudadnan5]

god bless you and your family

[@jeaneliemitonga4155]

Great job keep it up 👏

[@frankcb11]

this is great

[@itsanh7203]

Can you make a video about periodic method as well?

[@TheCc064]

So for 6/10, we don't have to write 10@$5 because that was already listed with the beginning inventory.

[@stevenforce3344]

On 6/10, we don't write 10@$5 in the ending inventory column because we don't have those units anymore. We sold all 10 of them that day, so we're just left with the 15@$6 in the ending inventory. Hope that helps!

[@hwasalee4795]

What if the sale is at a different cost? do i @the initial cost/unit?

[@stevenforce3344]

The selling price does not matter when we are working with FIFO, LIFO or Average Cost. We only concern ourselves with the "cost" of the goods, so how much it cost us to either buy them or make them ourselves, which is going to affect the Inventory account and Cost of Goods Sold account. The "price" that we sell them for affects the amount of Sales Revenue we're generating.

[@hwasalee4795]

Thanks!! Its very helpful!@@stevenforce3344