3:16 Formula: Beginning + Added - Ending = Transferred Out
@jdh31xyz968 ай бұрын
Super clear content well combine with process costing inventory concept. So appreciate it
@9cgx3 жыл бұрын
Good explanation but the video for me seemed really buggy. A lot of faded cursors popping up all over the screen
@Cheesecake99YearsAgo4 ай бұрын
If this is the basic version Is there an advance version on your channel or website ?
@jafferleibiofficial85874 жыл бұрын
Great work! I really appreciate it.
@beomkomap3 жыл бұрын
At 7:15, can I say we take 89k-15k to get started and completed during this period because the production follows FIFO process, what is in first will be completed first? Thanks for the helpful video btw. Thumbs up!!!
@christinakloster14982 жыл бұрын
As an BSc student I recommend you also take a step back to see if the numbers make sense in regards to the theories and assumptions for using the method. Ask yourself - does it make sense that eq.unit material price is higher using WA then FIFO and why? Plus look at the conversion/transfer costs in both - here it then has to be opposite due to the theory. Always take a step back and comment on the results when being tested in an exam. Also for a better understanding off the two methods - remember that when using FIFO, it just means that you are pushing costs forward to the next period or periods and that this has an effect on the final result.
@tahanaveed66663 жыл бұрын
Helped alot!
@user-kp5cu1nt8l7 ай бұрын
At 1:09/14:34, What formula did you use to auto populate in FIFO when entering the wip beginning units?
@1DK3R02 жыл бұрын
Great video, helped me understand the concepts, but I did notice some slight errors in calculation though. Maybe because of rounding from the spreadsheet?
@accountinghelp2 жыл бұрын
The spreadsheet will be more accurate than hand calculations if your hand calculations use rounding.
@manish_aswani3 жыл бұрын
It was really nice
@eshrn041022 жыл бұрын
How about the computation for the cost allocation in WIP, End?
@accountinghelp2 жыл бұрын
For each method, you go back to your equivalent units for the ending work in process, multiply the materials equivalent units by the cost per equivalent unit for materials and the conversion equivalent units by the cost per equivalent unit for conversion, and add the two results together.
@kapetalista10 ай бұрын
Spreadsheet link no longer exist.
@accountinghelp10 ай бұрын
The link has been updated to the new website. Thank you for noting!
@shahall-rounder50k312 жыл бұрын
👍
@hnt79613 жыл бұрын
At 13:02, why would we include prior period cost of Beg WIP in FIFO which only includes costs of current period? And what is this Assign costs step for, Eg: for which Journal entries? Thanks.
@maryogie19413 жыл бұрын
Google lumen learning.com fifo or weighted average process costing. It explains this concept better. Otherwise edspira or farhat on KZbin