FA31 - Inventory - FIFO, LIFO, Weighted Average Explained 

You have saved all of us accounting students. Thank you SO much for your efforts Tony

There's no way I could ever thank you enough for making learning as fun as you did in this video. You have returned the excitement to understand concepts back to me and I am incredibly grateful to you.

I was clueless days before my exam, before I watched your videos. Happy to say that I aced that exam, thank you for the fantastic videos.

I’ve looked at multiple videos on LIFO, FIFO and weighted average and I have to say this was the one which was explained perfectly and I fully understand it now. Thank you for the videos man.

Tony I owe you my life I hated financial accounting this whole semester and you make it almost fun for me, your videos are going to help me pass this class thank-you!!

im desperately trying to understand financial accounting through an asynchronous summer class and I swear I watch my professor's videos 3 times over and none of it makes any sense. I watch one of your videos and it is explained so simply. Thank you sir you are a lifesaver and a grade saver!

I am literally passing my exams because of you Prof! Thanks a bunch!! Love from HFX, NS

Those examples helped. I had to take an exam of Fifo/Lifo, Merchandise Inventory, Bank Recouncilation and Receiveables and got a 90 out of a 100 on the exam! Thanks!

I can't believe I am paying over 300K to my damn university, 62k per course and the teacher has the audacity to ask us to watch Mr.bell's videos. No shade to you, Tony. YOU ARE AWESOME! legit, you are singlehandedly saving my grades. Also I am curious about why you don't like Lifo.

you should do a video on LIFO. it would be very helpful for Americans

Tony, you're such a exceptional 👏 😍

ik you would probably never see this but i love you. you saved my life every time, hope life goes easy on you always

I'm taking ACC-105 at Reading Area Community College. This was very helpful. Thank you.

JUST WOOW , whatever you explained i did understand. Thank you so much

for me I really think that the best two and easy methods are FIFO and Weighted average also these are really very common in usage of most of companies around the world

This is an AMAZING resource! So thankful that I found this video and channel. Thank you!

Thank you for making it simple to digest!

Hey tony hope you're doing well. Without i would have failed my exam. I am very thankfull and i would really like to contribute for this channel. It might be a small amount for you but i really want to thank you.

Thanks Tony Bell. Useful one

YOU ARE MY HERO

wonderful explanation

Was wondering why this guy was so peppy and friendly. My mans isn't American, he's Canadian

Could you do a video on LIFO and FIFO periodic?

Thank you for this video ❤

So well explained!!

material is very clear, confused about the milk from the back method tho

Tony, after selling one sock, and we buy more in the inventory. How do we calculate the cogs in the next sale? How the new price is calculated in journal entry?

Will these videos help for the financial accounting CLEP test??

Thank you so much!

Hi sir Among the four which one is profitabale?

Good day sir. If you credit inventory, wont you debit A/R?

Hi, I have a question about calculating COGS. FIFO and LIFO seem too complicated for where I’m at and so the simplicity of WAC (weighted average cost) is very appealing. However, the inconsistent use of terminology in various articles / videos I’ve come across discussing WAC has me confused. Is a WAC calculation done for (A) each product in inventory or is it calculated using (B) the total cost of all products in inventory? For example, let’s say I have 500 different products in my inventory. Some products have an average cost of $1 per unit, and other products can average $20,000 per unit. If I were to calculate WAC using (B) the total cost of all products in inventory, then the average cost of one unit of inventory would be around $2,000. Now let’s say I sell a product for $2. My COGS for that sale would be $2,000??? "B" doesn’t seem right. What am I missing?

why dont you like LIFO? super curious!

Wouldnt both methods have the exact same outcome in the end? the only difference is the profit will be stated Lower with LIFO in the begining and higher afterwards however this is the opposite with FIFO

I think lifo is bad because wouldn't you want the stuff that is begging to get old to leaves shelves first(fifo) rather than the last items stocked being the first to go (lifo)?

Thanks 😊👍

Yes LIFO is bit goofy. Even parents usually use FIFO method for their children marriage😂😂.

sifuna ukufunda wena ulokhu usineka

Tsym!!!

11:53, did you say "Account wait to see you in the next-" did you make a pun??? xD

Wouldn't LIFO be better for a company because they get rid of their higher debts faster?

LIFO goofy for sure

why do you look like johnny sins

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