Inventory Explained

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Counttuts
Published at : 20 Nov 2021

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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: https://youtu.be/5xtL-95lLdI

First In First Out (FIFO)

PERIODIC Example: https://youtu.be/NNCMoiGkv6A

Weighted Average Inventory Costing

PERPETUAL Example: https://youtu.be/GW3rsCCAUkw

LIFO Method Accounting - Perpetual: https://youtu.be/WlGdJvPx6jQ

Inventory with VAT

Journal Entries

Periodic Inventory System: https://youtu.be/0e45eQIShCo

Inventory with VAT

Journal Entries

Perpetual Inventory System: https://youtu.be/XtUyAVCjCMM

Perpetual Inventory System Explained with Journal Entry Example: https://youtu.be/l_Nxoqsyf-Q

Periodic Inventory System Explained with Journal Entry Example: https://youtu.be/-JMKSaQiaiU

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