LIFO Inventory Method

This video explains the LIFO inventory cost assumption (last in, first out). An example is provided to illustrate how LIFO is used to calculate cost of goods sold and ending inventory.
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[@12370david]

2 hours in a classroom and my professor couldn't explain inventory in a manner that most of us could understand. This guy did it in 8 minutes, kudos.

[@bigdeweyj]

I was trying to follow along in my book and got confused. Listend to this vid once and I understand. This is a godsend.

[@Edspira]

Happy to hear that!

[@myrnarod9299]

I understand now FIFO and LIFO. Thanks so much.

[@Edspira]

Awesome!

[@xAliensful]

Seriously, I was doubting myself for changing my major accounting but now I realize it wasn't a bad decision. Some of my accounting professor just aren't great at explaining certain material which is unfortunate. You explain things with such ease! Thanks for re inspiring me !

[@ataxia5304]

You know it's kinda crazy. If you hadn't uploaded these FIFO/LIFO videos I'd probably have spent countless hours still trying to figure this out. In concept it's actually simple but the textbook I have and my teacher's prerecorded lectures make it so much more confusing than it is. Thank you.

[@Edspira]

Glad I could help!

[@angelsheeley8088]

I'm in an accounting class and can't wrap my head around costing methods for the grade of me. You are able to explain very well and it is coming clear. I have certainly subscribed to see more and I don't subscribe very often. Thank you so much!

[@Edspira]

Awesome. Thanks for subscribing Angel!

[@angelsheeley8088]

No problem! Keep posting and keep on inspiring!

[@nidoruzi]

9 years later and you explained it so much better than other sources I've been looking at.

[@joshjanssen3357]

My professor spent 3 class periods trying to explain this concept... You did it in 8 minutes

[@Edspira]

Glad you found the video helpful!

[@Duaasb]

This saved my life... in regards to my accounting finals lol

[@habibi_nation3673]

Same here man mashallah

[@elperrodelace]

this is amazing, why can't my professors explain it like that? ugh! thanks, very helpful video.

[@Gorecore98]

I feel like you need to be my professor because I finally passes my test after trying on my own and trying to cheat. I couldn't understand what was being taught to me. Seeing this video. I passed in under 20 minutes. Keep it simple. It works

[@brendancarmona4521]

Explained perfectly in 8 minutes to what my teacher failed to explain in an hour and a half. Thanks.

[@Edspira]

Ha! I'm glad you found the video useful. Best of luck in your class!

[@maxbolton2555]

Thank you so much Michael! I wasted so much time with the class-provided McGraw Hill modules that just skipped over everything, but watching this helped me so much!

[@myflymkultra268]

Mcgraw Hill = hell

[@MyFinancialFocus]

Love creative accounting methods like FIFO and LIFO!

[@MichaelOnRockyTop]

God bless you Sir. My online sit for doing my accounting homework uses the most convoluted way to do this without much explanation behind why. Your details make so much more sense and have allowed me to solve the problems correctly on my own. I can't thank you enough

[@MegsMusic25]

I cannot thank you enough for these videos. My college professor does not explain any of this and a lot of us are really struggling. If I hadn't found these videos, I'd definitely be failing....

[@anhphuongnguyen7665]

wow just awesome! I am studying in an university in Germany and I still couldn't understand this after TWO WEEKS of learning and now with just your 8min video I can get it omg thank you so much!!

[@alejandrohernandez7340]

took my professor an hour and a half to teach us LIFO, FIFO, Average Cost Inventory, Periodic, and perpetual.
It only took you 30 minutes to teach me everything!

[@josicatimuaydatuwata5909]

8 minutes vid change my life lol. Thank you so much, I read a lot of books and it made me more confused

[@ronzonmusic]

I cannot explain how much this has helped me! Thank you all.

[@veronicalewis5195]

Thank you for explaining this sooo well!! I have an exam tomorrow and I was freaking out about calculating lifo and fifo. After watching these videos I feel more confident about that section of the exam !! Thank you again

[@Edspira]

You got this!

[@starfish11ish]

Thank you very much, I understand so much better now. I would have emailed my professor,yet with the short responses, I feel I'm bothering when actually I'm the one paying for his time. Thank you again for your time!

[@enriquebn4853]

Just wanted to thank you for making this videos. They are life savers for me. Very clear explanations.

[@Edspira]

Glad you like them!

[@7222487]

Your videos are excellently explained and just concise enough. Thank you!

[@Edspira]

Happy to help!

[@saratursun295]

This video helped me a lot , way more batter than my class. Thanks so much.

[@Edspira]

+Sarigul Tursun It's my pleasure. Have a great winter break!

[@brenstanbrownee581]

Thanks So Much!.. I've been struggling with this specific topic for weeks until I came across this video.

[@slugbeater]

YES THE FIFO AND LIFO HAVE MATCHING VALUES SO I CAN COMPARE BETWEEN THE DIFFERENT INVENTORY METHODS BETTER. THANK U

[@findingbigfootwithbothhand507]

I didn't focus during class and so this is saving me from my own stupidity. Very helpful video. Thank you

[@gabriellebrunner1610]

I cannot say thank you enough. I'm so grateful for this. You explained it better than anyone has!!! Thank you!!

[@kronosrocks2591]

You just helped me study for my final, sir. Thank you!

[@SandNigah]

I’m doing CMA P1, and my god is this guy helpful...

[@Edspira]

Thanks BigTubesMcgee. Happy to help!

[@denisecrosby4534]

Great explanations of costing methods. Thank you!

[@Edspira]

+Denise Crosby Thanks!

[@ryangarcia3912]

Thank you for helping me I did not understand FIFO and LIFO from my professor, he goes quick in class but you made it really simple and easy to catch on to.

[@arjuncheema8248]

Better than textbook explanation

[@Sarah-Legacy]

Probably just saved me 20 points on my midterm.

[@Edspira]

Glad to hear it!

[@dobakito]

I had been lost on this for a long time, this really helped.

[@neida9149]

Thank you 🙏 , you are a life saver . I learned more watching this video than reading the chapter.

[@JulianaFerreira-mc7tc]

im literally in love with you because of all your videos thank you so much

[@graceswift7007]

This is the best explanation ever and saved me so much time. Thank you!!!

[@brendanmclaren1111]

This saved me, thank you for the clear description!!

[@madskills1485]

Thank you so much sir for spending some of your time explaining these terms. You are very good at it and very natural. And honestly even better than my university teachers :D. So easy to understand when you explain it. Thanks again, you are doing an amazing work!

[@Edspira]

Thanks Mario! Comments like these get me inspired to keep making more videos :)

[@louissalfi7263]

you're elite at your job sir.

[@madelinesnow2052]

I was struggling with my homework before I found this video and now I understand! You're a LIFO saver! :D

[@yungladii1]

The clearest example I have been able to find.

[@camilosanchez5696]

Thank you dearly, you helped me understand the final exam question....Sir!

[@sierracriesintheshower]

god bless you sir, you made so much sense that my professor could not.

[@clarissamartinez8004]

Amazing! You were right to the point, the book I'm using for my accounting class isn't thorough and my professor made it more complex then what it is. Thank you!!

[@treyrussell5120]

Fr thank you so much, my accounting class made this way more confusing than it needed to be and now i totally understand this!!!!

[@anisa4668]

This is the best video explaining LIFO!

[@dekhakiin1113]

Thank you so much. You have really explained in an easy way for someone to understand because I couldn't get how my lecturer explained and I hav CAT next next week 🤗

[@Jessica-jp7vu]

I love how simple you explain it
I just get confused when the questioned are formed in a different way :[
thank you for your great Explanation

[@kachow9]

loved the video, especially because of the crickets in the background

[@bellabugs]

omg i spent so many hrs trying to understand this and you explain it better than that dumb book

[@alaasalah8986]

Honestly u saved my life!! Thank u

[@andreacardenas3167]

God bless this video! The best explanation yet!

[@Edspira]

Thanks!

[@CultureLover2009]

Wow you are an excellent teacher . Thank you so much!

[@Edspira]

Thank you! 😃

[@sairysegarra8695]

I just want to say, thank you for this explanation.

[@MS-uf3ex]

Thank you so much!! I understand FIFO and LIFO now!

[@Edspira]

Awesome!

[@Chris-fe1kx]

Thank you so much! Explained 10x better than my teacher.

[@sarinyatean1651]

I speak second language, so it's hard for me to understand to from the book. This video is so easy to understand. Thank you so much

[@bedroomguitarist8681]

This was really helpful.. good stuff bro!

[@owenburke2129]

Thank you for making these videos. My book does an awful job of explaining this. After 2 hours of staring at my book, I've got nothing. 8 minutes on here and I'm good to go. Cheers

[@swanauto47]

Thank you for this video, you’re a really good teacher!

[@Lava589]

Great video! This explains so much more that was not really touched on in my class. Thank you!

[@Dabulletmakheba]

just like everyone `s professor , even mine took hours trying to explain an 8 minutes concept ..... YESSS IN 2020 but this has been made easier years ago

[@Appleaddict22]

You kind of sound like Will Ferrell when he's being serious. Great videos btw, helped a lot!

[@febinbarose3741]

Thanks for simplifying it..you are a good teacher!

[@champagnepapi1359]

Thanks man! This video legit taught me more than my professor has lol

[@andrewl.miller8000]

wow he makes it easy to follow

[@JamesHanzimanolis]

Great video! Explained very well.

[@estellahermione6837]

Thank you so much for all of your videos. God bless!

[@KippsyFactor]

Great explanation and examples this helped!

[@theragingcreeper9040]

Is it bad that I learn more on youtube than I do in college...

[@theragingcreeper9040]

Studying for my final

[@ArtaD]

Thanks a million for your video. :) You're the best

[@kaitlynlea1606]

you are a life saver!!!

[@Edspira]

No problem!

[@yolow69]

Thanks for answering the whys!!!!

[@jasminesanchez9035]

Thanks for the explanation. My problem is always remembering the step by step process that is required to do these problems. ):

[@PureColorsOG]

THANK YOU SO MUCH I REALLY NEEDED TO LEARN THIS I HAVE A TEST IN 30 MIN

[@nancella8755]

you sound so much like foodwishes on youtube, but thanks for the helpful video

[@user-rb2lm9fg8n]

I'm gonna have a test soon ^^ thanks for your Videos!!! It really help me a lot !!!

[@maxameddeeq4442]

thanks very well this videos helped me too much

[@Edspira]

No problem Maxamed. Thanks for watching!

[@EuleneChen]

Fantastic video! Thank you very much!

[@KensteLord]

Great video, I'm exam ready now!

[@JR-oi2cf]

both videos are very helpful. thank you

[@david_sgnhm3131]

You made my day man

[@flemingdcosta1705]

Thank you for saving my life sir

[@celesterubio7606]

Dude, you rock. Thanks!

[@Edspira]

This made me smile. Thanks!

[@jessicasparkle2441]

This is really help me! Thank you so much ✨👍

[@MegaBlepper]

CEO of youtube teaching

[@juanarispe3371]

great video thank you I think I learned more here than at my class :)

[@johnrovicgerong433]

Thank you sir for the helpful explanation made understand more of the 2 lifo and fifo

[@gabriellaengle7706]

thank you so much for helping me to understand LIFO!

[@daddypure1861]

THANK YOU SO MUCH SIR YOU MAKE ACCOUNTING SO SWEET THANKS

[@Saf3i]

It's really helpful! I just understand everything by this video 💙💙

[@DanielaRodriguez-vb3mt]

Again, you explained it perfectly! Great video

[@AsifKhan-md4tc]

this is so clear wow thx bro

[@llc]

Very useful video. Thanks.

[@mooncores8128]

Thank you for this, sir🥺💖.

[@ellenaadrianna3977]

Easy to understand. Thank you. God bless ya!

[@sylviamcdonald2187]

Thank you so much for posting this video!