Learn How to Calculate Inventory and COGS in 10 Minutes! скачать в хорошем качестве

Learn How to Calculate Inventory and COGS in 10 Minutes!

Today we will continue with inventory and COGS and look at an example where the cost of inventory and cost of goods sold are calculated under the perioding system using three costing methods the first-in, first-out or FIFO method, the last-in, first-out or LIFO method, and the average cost method. Recommended video: Inventory Valuation Methods    • Mastering the 4 Inventory Valuation Method...   Merchandising Activities    • What You MUST Know About Accounting for Me...   Lower-of-Cost-or-Market (LCM) and Other Inventory Write-Downs    • Master Lower-of-Cost-or-Market & Inventory...   The Gross Profit and Retail Inventory Valuation Methods    • Apply Gross Profit and Retail Inventory Va...   Accounting for Merchandising Activities: How to Record Purchases    • Accounting for Merchandising Activities: H...   FOB Shipping Point vs Destination and The Year-End Cutoff of Transactions    • Learn How Shipping Terms can Make or Break...   The textbooks used in this video: Financial Accounting, Jan R. Williams. Publisher: McGraw-Hill. Survey of Accounting, Carl S. Warren. Publisher: Cengage Learning. Timeline: 00:00 Calculating Cost of Inventory and Cost of Goods Sold: Examples 00:34 Inventory and Cost of Goods Sold 01:11 Example - Data Used in Calculations of Inventory and COGS 01:50 Definition of a Periodic Inventory System 02:13 How to Calculate the Number and Total Cost of Units Available for Sale 03:06 How to Calculate the Cost of Ending Inventory and COGS using the FIFO Method 05:33 How to Calculate the Cost of Ending Inventory and COGS using the LIFO Method 07:13 How to Calculate the Cost of Ending Inventory and COGS using the Average Cost Method 08:47 Compare the Results Side by Side for the Three Methods 09:51 Recommended Playlists and Videos Additional resources: https://www.amsa-online.com/free-reso... American Modern School of Accounting is a nonprofit online vocational school that offers several programs to help adult learners to start or advance their careers in bookkeeping and accounting. We offer the following programs: • Certificate in Computerized Accounting with QuickBooks • Certificate in Computerized Bookkeeping with QuickBooks • Certificate in Computerized Bookkeeping with QuickBooks (Budget Plan) For more information, visit our website: https://www.amsa-online.com/ #Inventory, #COGS, #FIFO, #LIFO, #AverageCost, #GAAP, #CalculatingInventoryCost, #CalculatingCOGS, #BeginningInventory, #EndingInventory, #Purchases, #InventoryOnHand, #InventorySystem, #FinancialAccounting, #IntermediateAccounting, #IntroductoryAccounting, #AccountingConcepts, #FinancialStatements, #AccrualAccounting, #Education, #Accounting, #FlowofInventoryCosts; #CostofGoodsSold, #CalculatingCostofGoodsSold, #PurchaseOfInventory, #SaleofInventory, #PeriodicInventorySystem, #InventoryValuationMethods, #AverageCostMethod, #FirstInFirstOutMethod, #LastInFirstOutMethod, #MerchandisingActivities, #MerchandisingCompanies, #CPA, #Chapter8, #AmericanModernSchoolOfAccounting