Financial Accounting - Lesson 7.14 - Lower of Cost or Market Net Realizable Value

[@nandinisood]

i could never understand this topic before. thank you so much. you make it sound so simple.

[@PatrickLeeCPA]

Awesome! I try to make it as simple as possible.

[@yilezhang7855]

This is the best explanation and straightforward video I have seen. Clear and fast!

[@PatrickLeeCPA]

Glad it was helpful! - Definitely something that I am good at. - Patrick

[@tallsamurai7861]

Best explanation of all the ones I have seen. Thanks man. Much appreciated.

[@PatrickLeeCPA]

Thanks. Hopefully my other lessons are just as helpful as this one. Patrick

[@puncakenemo962]

Thank you so muchh!!! It took me forever to found a video that help me understand it and for only 13 mins 💕

[@PatrickLeeCPA]

That's the goal! Sometimes I can't explain something in under 15 minutes, but I definitely try. - Patrick

[@amandabuller8661]

Thanks so much, this is exactly what I was looking for and other videos I saw didn’t explain it as well!!

[@shivampardeshi9977]

patrick you are great teacher btw

[@PatrickLeeCPA]

Thank You!

[@summerjho2781]

Thank you!! the Best Explanation!!

[@PatrickLeeCPA]

I'm glad it could help. -Patrick

[@urfuturehushbando9042]

Thanks for your explanation. It really helps me

[@PatrickLeeCPA]

You're welcome! - Patrick

[@mikebaker6804]

A Good primer for an older accountant who hasn't dealt with this in years!

[@PatrickLeeCPA]

Thanks for watching. Hopefully, my other videos can assist you in the future.

[@alejandrocruz6674]

Thank you so much, you explained it better than my book did! I also like how at the end of the video you included takeaways from this lesson. Great video man, keep it up :)

[@kusunokilim4992]

Thank you! This is so easy to understand

[@PatrickLeeCPA]

Thanks for watching. I hope my other lessons are just as helpful. - Patrick

[@esmaj3485]

thank you for explanation. keep it up ❤

[@jackmurphy339]

thank you your video has been very helpful for me in my first college accounting class. Keep goin man

[@PatrickLeeCPA]

Glad it helped! That's the goal when it comes to my accounting lessons!

[@gerardocobas7785]

Excelente!!

[@PatrickLeeCPA]

Thanks! - Patrick

[@seddam]

Thank you so much!

[@PatrickLeeCPA]

You're welcome! - Patrick

[@sarvinasalohidinova4881]

Thank you so much. It was really useful:)👍👍👍

[@jujussang552]

Thanks so much!! Help me a lot for the upcoming exam🥺

[@morgantembo6622]

mistake on 7:50 the lower cost between 30 and 35 on product D is 30

[@ermig319]

thanks

[@valeriejaneonate8379]

Hello Mr. Lee, I would like to ask if we can use allowance for inventory write down instead of cost of goods sold in the journal entry?

[@vkrgfan]

I guess the product D you meant to say the lower cost 30, not 35.

[@smoodcruz]

Product D Quantity on hand 10. Unit cost when acquired (FIFO) 30 Value at year-end 35 Question which one is lower? Unit cost when acquired (FIFO) 30 ...

[@stephenflorlumapas7209]

35?

[@rushdiyaazmi2633]

I think he made a mistake when he chose $35. It should be $30. It was very helpful though. Thank you

[@raccoon874]

*Too bad no one does a REVERSAL OF LCNRV example ffs*

[@konradlorenzm.uychoco11]

7:49 I think it's 30? Please enlighten me. Thanks

[@PatrickLeeCPA]

Yeah, it looks like I made a misstake. I did fix it on the next slide where it calculated 10 x 30 = 300, but I just screwed it up there. It's $30 not $35.

[@MOHAMEDMOSTAFA-bv4ro]

PRODUCT D IS MISTAKE