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Accounting 106 - Merchandise Inventory
Rating: 4.7 out of 5(3 ratings)
276 students

Accounting 106 - Merchandise Inventory

Easiest Way To Learn the FIFO LIFO & Moving Average Stock Valuation Methods - A Step by Step Approach!
Created byShakir Elahi
Last updated 5/2022
English

What you'll learn

  • Students will learn how to value Stock / Inventory / Merchandise for accounting purposes
  • Students will break into the field of Cost Accounting
  • Students should be able to work as Book keepers with some practice
  • Students will learn FIFO, LIFO and the Average Method Cost of Stock Valuation

Course content

1 section • 17 lectures • 1h 38m total length

  • Introduction4:15

    Learn inventory valuation and management through periodic and perpetual systems, including FIFO, LIFO, and moving average methods, to build understanding of income statements and balance sheets.

  • What is Inventory7:19
  • Question 1 - FIFO Method12:41
  • Question 1 - LIFO Method5:22
  • Question 1 - Moving Average Method6:40
  • Question 2 - Moving Average Method5:02
  • Question 2 - FIFO Method3:16
  • Question 2 - LIFO Method3:49
  • Question 3 - HASCOL Profit Calculation6:17

    This lecture computes profits for Hascol and Shell using stock valuation methods, detailing opening stock, purchases, and sales, with Hascol's ending inventory value 81,200 and profit 23,800.

  • Question 3 - SHELL Profit Calculation3:10

    Compute profit by determining cost of goods sold and ending inventory from May stock and purchases, then compare Shell's profit to Haskel's under the periodic system.

  • Question 4 - The Periodic System Part 18:01
  • Question 4 - The Periodic System Part 25:58
  • Question 5 - Part 16:53
  • Question 5 - Part 24:15
  • Question 6 - Part 17:36

    Determine ending inventory using gross profit and cost of goods sold. Apply opening inventory and purchases to calculate cost of goods sold, then derive ending stock, 116,000 in the example.

  • Question 2 - Part 26:06
  • Conclusion & What is the next course in the series?1:57

Requirements

  • You should be able to use the computer at a basic level
  • You should have an internet connection

Description

Principles Of Accounting:

"Accounting 106 is the 6th course in a series of Accounting Courses that are designed to help the complete beginner, go on to master the basics concepts of accounting and move on step by step to become a professional accountant!

Students can further their knowledge of key accounting concepts which they can use in their full time employment goals or even can use this series to pick up freelance jobs to earn passive income by maintaining/completing book keeping entries for others via freelance websites

The course is not just theory but also takes real life examples and walks you through the accounting process. It is meant for students who would like to grasp the accounting concepts in an easy and fun learning environment. 

This is a medium paced course however students can speedup or slow down the videos of the course using the control buttons at the bottom of each video

Course Outline:

In this course we are going to learn about the basic accounting principles of:

  • What is Inventory?

  • What is the periodic and perpetual methods of inventory valuation

  • FIFO (First In First Out Method of Inventory Valuation

  • LIFO (Last In First Out Method of Inventory Valuation

  • Average Cost Method of Inventory Valuation

  • Learn By Practice - We will be solving 6 Questions Together!

  • Finding the Ending Inventory

  • Finding the Cost of Goods Sold

  • Finding the Gross Profit

Having completed the Entire Series students of the proper age should be able to take up entry level jobs as book keepers, however students would have to practice these concepts again and again externally so that they can grasp real world applications quickly.

Who this course is for:

  • Anyone looking to learn Accounting as a Beginner
  • Those looking to make passive income taking on freelance jobs
  • Those looking to grow their accounting skills & obtain higher level of understanding of accounting concepts

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