Same experience here. My old accounting professor with 35 years of experience, with his mumbled presentations, has not matched the clarity of Andrew in the video.
Two hours my professor spent trying to explain this one topic and most of the class was visibly confused very badly, You made it very easy to understand in under 10min please be our teacher :(
From an accounting standpoint, LIFO is the way to go. From an actual raw goods standpoint, LIFO can have you end up scrapping material or goods because they've been in inventory too long to be used. If you care about the quality of your product, FIFO should always be the alternative.
That part you explained ...that companies will have 5 dollars worth of inventory in the books while the actual worth is 200 ......that is the most important part...
Well thank u it is too bad that u don't speak on arabic coz u are better than my teacher hahaha i understand it here btw i study in arabic language and u are the best teacher ever so thnx again
In this video I explain FIFO, LIFO and average cost methods to value the stocks stored by a company, to estimate the cost of goods sold and to determine the commercial result (profit or loss) of the firm: th-cam.com/video/mOM1Lqqydos/w-d-xo.html.
Coming to the main point, you said we can have $5 sitting on our books along with LIFO together with 100 ping pong balls and if the plastic price goes up to $2, not 0,05 as before = our books will look better. Is that right sir?
spouse they sell 200 unit for $0.50 for making brofit .......then 200*0.50=100 and without profit acording FIFO he receive $20 and after profit he receive 100$ then minus your purchase 20$....now he have 80$ profit
In the world of banking system, where money is created out of thin air (thanks to central banks and also commercial banks with fractional reserves) which creates inflation, it would be normal to use LIFO in order to capture REAL profit (not nominal), therefore using the latest price. But I guess governments are not interested whether companies are in REALity profitable, they just want out money. The higher nominal profit, the higher collected taxes.
I learned more in 10 minutes than my professor explaining in the last 4 weeks
Sameeee HHAAHHAHAHAHA
Same!
Great presentation, so much better than my professor who apparently has 20 years of accounting experience.
Same experience here. My old accounting professor with 35 years of experience, with his mumbled presentations, has not matched the clarity of Andrew in the video.
Being an accountant and being a teacher are two different things. He can be a great accountant, and a terrible teacher/presenter.
same.
My accounting professor kept getting mixed up between them, he wasn't even sure he got it right at the end of the lesson. Thank you for clearing it up
this is the first time im hearing someone pronounce FIFO and LIFO like that
First hearing him, I thought I had been wrong all along. But maybe most people say LIE-fo and FIE-fo.
That's so weird, cuz I've heard a lot of people pronounce it like him. I do to!😂😂
THIS HELPED SO MUCH!!!!! I'm from LSU and my accounting teacher doesn't help us at all on this stuff so THANK YOU!!!
You must have had Jan Holmes RIP
Well.... you went to LSU..
Two hours my professor spent trying to explain this one topic and most of the class was visibly confused very badly, You made it very easy to understand in under 10min please be our teacher :(
You literally made me pass my accounting final. Thank you!
Wow! I have struggled trying to calculate FIFO and LIFO but you talk to me like I'm 6 in a language I can understand thank you!!!!
This is where I should have started. I used to like class formats where you do the HW before the lecture, but I take that back 1000%.
Accounting classes have a way of making this simple concept seem really complex. Thank God TH-cam exists, I’d be screwed with out it
Really?It's that easy? My professor spend 2 hours in class trying to explain it and we did not understand it.
Your videos are simply clear and easy to understand. you are an amazing teacher.
Thank you .
Best video I could find on the subject. Make more please. Maybe a few more seconds of intro. Don't worry about the pronunciation. H8rs can suck it.
From an accounting standpoint, LIFO is the way to go. From an actual raw goods standpoint, LIFO can have you end up scrapping material or goods because they've been in inventory too long to be used. If you care about the quality of your product, FIFO should always be the alternative.
Thanks for explaining what my professor couldn't!
Very easy to understand, thanks.
this is by far the best explanation video on the topic I have seen
I have a midterm in 4 hours and this is a great refresher. Thanks!
Rich Kelleher
I hope you did well in your exam honey
Thank you for your professional and easy to understand presentation. LIFO and FIFO are .difficult to understand in my college accounting class.
"Leaf-o and Feaf-o"
:D
Lol, when he said that I started questioning myself
Thanks man now I'm gonna pass on my exam 3 hours from now thanks to your 4 year old video xD
Where can I go to watch the weighted-average method?
learned more in 10 minutes than i have trying to teach myself over the last 3 days
This was a very professional and potent delivery of high-quality information. Well done my good sir.
Wow, thank! I had to watch it about 3x to fully understand but i think im goos now. Great presentation and your example really helped too!
Thanks for this. You helped me understand LIFO & FIFO much better
You don't understand, this was PERFECT, can you just teach my accounting 1 and 2 please looool :D
Thanks for the simple explanation. This video was extremely helpful.
Idek what to say bro, you made this seem so easy for me!!!!! Thank you!!!!!
ok where I am getting confused is how you coming up with the number for sold. I still need help. You make since but I still am getting lost somewhere
you really simplified this concept my friend . thanks a lot.
Thank god I found this video. I was so confused
Why don't we have this kind of teachers
Wonderful video! At 6:13 you circled $80 when you meant to circle $20
The best..where can I find more of these with the same guy plz?
Great explanation!!! Please do more videos!
That part you explained ...that companies will have 5 dollars worth of inventory in the books while the actual worth is 200 ......that is the most important part...
Thanks for clarifying it to me, I was here struggling to understand it.
your example is way to easy for understanding, thank you.
Well thank u it is too bad that u don't speak on arabic coz u are better than my teacher hahaha i understand it here btw i study in arabic language and u are the best teacher ever so thnx again
studying with the time I have left, this is really helpful thank you.
In this video I explain FIFO, LIFO and average cost methods to value the stocks stored by a company, to estimate the cost of goods sold and to determine the commercial result (profit or loss) of the firm: th-cam.com/video/mOM1Lqqydos/w-d-xo.html.
Outstanding. I agree, so much better than my professor who is retiring with over 20 years of accounting experience.
Damn, Pretty Good! Helped me a lot for Accounting test.
Coming to the main point, you said we can have $5 sitting on our books along with LIFO together with 100 ping pong balls and if the plastic price goes up to $2, not 0,05 as before = our books will look better. Is that right sir?
Was having trouble understanding this in financial account class..... not any more.Thanks :)
Excellent presentation! Very helpful!
You are amazing!!!!!! I never thought I would learn this......I got it....
Thankyou!You make it sound so easy
8::34 LIFO is MORE hoops to jump through if you are using LIFO accounting method and it's the international standard ? Did you mean to say that?
Yea he twisted his words
Such a great, simple explanation; thank you!
Explained simply. Good job.
VERY helpful, thank you SO much, Andrew
Thanks boss for your crystal clear explanation! Cheers!
I literally love you so much. Thank you, thank you, thank you!!
Happy to help!
Thank you but i didnt understand the part where you sell 200 @ $0.50? from where this 0.50 came from ?
spouse they sell 200 unit for $0.50 for making brofit .......then 200*0.50=100 and without profit acording FIFO he receive $20 and after profit he receive 100$ then minus your purchase 20$....now he have 80$ profit
Really good presentation, thank you!
Great & Simple Explanation
LIFO doesn't seem counterintuitive. It is counterintuitive! Lol Thanks for the video
this was great, very good explanation and great job of providing some context.
Thank you for this video! It helped me a lot!
You're a lifesaver thank you so much
Micko Lagundino
He saved me and my ass as well
thank u for your explaination on fifo and lifo
I carry the same tune that dominates much of the comment section. Your explanation was superior to that of my useless professor.
Great video. Thanks
Great explanation!
☠️OA class was here period poo🥢🧃🧃
Hey yo, why does the price of the plastic keep increasing relatively, can somebody explain that?
Thank you so much for this video!!
what an easy way to understand that xD
Thank you!!!
thanks, was very helpful!
Very well explained. I hope I ace my quiz in a few hours : )
Great! Very simple
Thanks for your help.
doesn't $0.05 mean 5 cents not 5 dollars? Or is is different in accounting
hold up where does he get the 80$ and 65$ from?
Thanks more cleared now nice presentation
Really good presentation, but you should turn down the intro its to loud compared to your voice
In the world of banking system, where money is created out of thin air (thanks to central banks and also commercial banks with fractional reserves) which creates inflation, it would be normal to use LIFO in order to capture REAL profit (not nominal), therefore using the latest price. But I guess governments are not interested whether companies are in REALity profitable, they just want out money. The higher nominal profit, the higher collected taxes.
Hell yeah man thank you!
That was helpful thanks.
Perfect 👌. Thank you 🙏
people here talking about passing accounting courses.
im just here struggling with the tax man
Great video 👍🏿
Thank you!
Thank you! You rock!!
Thanks you sir
teriffic video! good stuff.
CAN ANYONE TELL ME HOW TF DOES 30 PLUS 30 UNITS EQUAL 40??
I have some examples that I can't solve them
I love you haha this has helped so much
tks!!!!
it looks good and easy
I see what you were trying to do but, you left too much information off the board to bring the concept together.
Thank you thank you
Fifo and lifo, if we buy less and earn more we have to pay more taxes, how tax matters!?
good one
thank u sir
I'm just here to learn how to pronouce fifo and lifo. I thought it was F-eye-fo and L-eye-fo
Never heard it as and FEEFO LEAFO
ur awesome