I am kind of confused on where you got the 1,300 and 7,120 from the Jan 27 purchase because when I add all the units it gives me more than the number you wrote down maybe it’s because it’s so early in the morning but I really don’t know how you did it.
Great tutorial lessons !I have fully grasped FIFO using perpetual system for one hour . Thanks Brandy ! Please will you help us to upload a video for calculating LIFO.
Mmmm I wish you would walk us through it. This is a bit confusing to try to make sense of all the numbers and what your doing at the same time that you are explaining. Detail out what figures represent what for example this column is the cost per unit, or total cost, etc. it all just becomes figures being thrown at me otherwise
hellooo thankyou for this video! :) may i check with you how will the inventory be impacted if we include freight charges with the purchases? please help me as i am trying to complete my homework with your help hahha thankyouu once again!! :)
Your comment was made 2 years ago, but for persons now seeing it you can modify the play speed of RU-vid videos by clicking the gear icon at the bottom right corner
What if the first entry was a sale instead of a purchase? Usually the beginning inventory and another purchase show up first and I know how to work that but what if a sale is the first thing recorded following beginning inventory?
If the first entry of the year is a sale then you don't have anything to average. You would use the cost per unit from the beginning inventory to calculate COGS :)