The Essential Guide to Inventory in Accounting

🔥INVENTORY CHEAT SHEETS

In this special compilation video, you'll learn (almost) everything you need to know about Inventory in Accounting. We’ll start by exploring how Inventory is accounted for in a merchandising business. Then I’ll break down the Periodic and Perpetual Inventory Systems. Finally, I’ll explain how Inventory Cost Flow Assumptions are used to calculate Cost of Goods Sold and Closing Inventory. We’ll cover three key methods:

▪ FIFO (First In, First Out)
▪ LIFO (Last In, First Out)
▪ AVCO (Average Cost Method)

⏱️TIMESTAMPS
00:00 - Intro
00:41 - What is Inventory?
09:34 - Periodic & Perpetual Inventory Systems
21:41 - FIFO (First In, First Out)
31:27 - LIFO (Last In, First Out)
38:24 - AVCO (Average Cost Method)

🔎FAQ

🔝 CLOUD ACCOUNTING SOFTWARE

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#accounting #accountingbasics #accountingstuff

[AccountingStuff]

Which part of Inventory Accounting do you find the toughest?

⏱TIMESTAMPS
00:00 - Intro
00:41 - What is Inventory?
09:34 - Periodic & Perpetual Inventory Systems
21:41 - FIFO (First In, First Out)
31:27 - LIFO (Last In, First Out)
38:24 - AVCO (Average Cost Method)

[OfficialMutey]

One of the best videos in inventory that I've seen on YouTube. Great stuff. Thanks James 😊

[orionwarawa]

Your videos are a life saver, keep making them!

[tytrrtt]

Yeaaa we want about the manufacturing !!! For sure

[sangmilee]

Best video, so clear, well explained, subscribed and liked thank you

[lordalfaa]

Who else downloaded this after watching it because it's an essential video for their life 😂😂👇








Edit:after liking 👍 it obviously ;)...

[AiePro]

Remember watching you during first year university back in 2019, now I am sitting the ICAEW professional exams next week, how time flies

[_eight_]

just in time!!! This is literally what we learned the last two weeks!

[oboumaayisata]

Hello James thank you very much for your videos they have been really helpful. You are granted with have the abilities to make things easy to understand throughout your exemples. Then, I was wondering if you could cover the BONDS topic: BOND TABLE, on discount vs premium, how to calculate a PRESENT VALUE, etc...
Best regards

[gunn_maew]

Thank for this outstanding video. Please post more video about merchandise business like return/receive returned goods, give/receive discount, give/receive sales allowance and fob.

[boyrobloxian]

Hi james im 9 years old and i love your videos

[chitrangipandya]

A small request can you please cover Dollar Value Lifo please?😅

[victoriancu]

If the inventory is being imported, when can it officially be booked as an asset? Is it considered a prepaid expense until the risk is transferred to the owner of inventory?

[boyrobloxian]

Hi james im 9 years old and i love videos

[lauravarela]

could we get a video on bonds? also, you are awesome!

[madelyndeluna]

waiting for the manufacturing sample ❤️❤️❤️

[gearblocksllc]

I am just in shock that I spent $16K on inventory this year I don't even have yet, and I will have to pay tax on it before I've even received it and sold it.

[theteamof]

Please do the manufacturing inventory management please