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Inventory Explained

In the lesson, we look at Inventory. We explain what inventory is, how to identify if an asset is an inventory, methods of determining the cost of inventory, inventory systems, and the disclosure of inventories in the financial statements. Timestamps: The definition of inventory (What is inventory): 00:00 Classification of inventory: 01:28 Cost of inventories: 03:44 Methods of determining the cost of inventory: 05:03 FIFO (First-In-First-Out) Method - PERPETUAL Example:    • FIFO (First-In-First-Out) Method - PERPETU...   First In First Out (FIFO) | PERIODIC Example:    • First In First Out (FIFO) | PERIODIC Example   Weighted Average Inventory Costing | PERPETUAL Example:    • Weighted Average Inventory Costing | PERPE...   LIFO Method Accounting - Perpetual:    • LIFO (Last-In, First-Out) Method Accountin...   Inventory with VAT | Journal Entries | Periodic Inventory System:    • Inventory with VAT | Journal Entries | Per...   Inventory with VAT | Journal Entries | Perpetual Inventory System:    • Inventory with VAT | Journal Entries | Per...   Perpetual Inventory System Explained with Journal Entry Example:    • Inventory Journal Entries | Perpetual Inve...   Periodic Inventory System Explained with Journal Entry Example:    • Inventory Journal Entries Example | Period...   Check out other straight-forward examples on our channel. We also offer one-on-one tutorials at reasonable rates. Connect with us: Email: [email protected] Our Website: https://Counttuts.com Our Facebook Page:   / counttuts   Support our Efforts:   / counttuts