yo yo yo what's going on everybody hope everyone's having a great time trying to
stay positive if no one's told you that you're worth something you are if you
have told you that you can achieve your dreams that's in your head right now you
can you have them for a reason let's get on to this Who am I
I am CPX strength I am the strongest licensed CPA in the state of Florida
what do I do I teach accounting to the world okay
here up here I'll put a card to the best playlist in the world best accountants
in the world best counting best players period basically there's anything in
here you need to you can be a CPA or whatever anyways what are we going to do
today well I have an installment of my classic series and what's in what's what
number of classic series is this 43 gosh darn it 43 for the one before that's a
three let's get it in what's what are you going to do in 43 I'm going to
inventory perpetual and we're going to do last in first out otherwise known as
what is it LIFO kind of the one to one we just did we just did a FIFO I messed
up on I went a little bit I made this one better that's why I'm kind of really
excited this morning because I made this video better and that's what I'm doing
making the videos better if you can appreciate if you can appreciate it my
grind my hustle smash the like right now before you even see this can you do that
for me please please support support CJ strengths hit the like give me a comment
share okay let's get into this nuts with this sometime everything else right now
for the next like five minutes we're going to talk about what are we going to
talk about we're going to talk about LIFO last in first out and what that
means and everything like that so let's get into this give me five minutes okay
thank you let's go it's about inventory last in lasting
inventory is the first one out last in first out inventory I'm going through
perpetual so we're going to keep up with it everything inventory is an asset this
is my mapping system go check out my playlist if you're not if you're new to
the channel this this is like the the base of my channel really DC a blur
debit credit a central expense liability equity revenue positive form inventories
an asset we're building we're building our I changed my little warehouse around
for better today oh and I'm very sorry I messed up on in ending inventory
yesterday as well because I try to do the numbers as I was like talking so it
didn't work so I made this one better anyways so let's just get these facts
here in our in our little business that we're selling widgets okay and here's
one widget here's a one widget it's coming in now the first one that's
coming in the first first inventory is in January that's the first one that's
going to hit our family's obvious thing kind of new new stuff so the first this
is the first one to hit our our warehouse and I would say it and you
bought one widget for $10 so one widget came up this truck the January widget
and I would say once it hits like the back like off the truck it's in the back
of the building and as you would get new ones that would proceed over and over
and over so look at January the January one is the first one that you have in
the warehouse for $10 okay then the second one you have is February you buy
that one buy that y one widget for $20 so here's the February widget it's the
second one that you have in the in the warehouse the third widget that we have
in our inventories is the charge widget and that's for $30 so it
comes off the truck and now you know these two are pushed out so this is just
how I see it in my head that comes off the truck and then it does whatever in
the the building and then like the firt in my opinion the first one off the
truck would be the first one to be on the shelves to be sold out the door so
there's our there's our inventory notice we have one we have three widgets in
inventory in our beginning inventory the January one was the first one for $10
February was second for 20 March was the third one for 30 so we have a total of
$60 in our beginning inventory okay May first so we got our inventory now
we've done nothing for a whole month we've we party went to Mexico and just
party for like a whole month relaxed it was fun it was good now we're back and
now we're just going to kill the grind May first we decided to kill the grind
so we sold one widget for $50 there and saw my first widget for $50 or we are
this is a dc-8 lourenço I guess right so we're selling our first widget for
Joe we're pretty stoked because we bought one for ten one for 21 for 30 so
we made some money but how much money did we make well that kind of depends on
how much the the widget that we sold cost right that's how much money we make
that's all I care about how much chippers a little make okay so how much
chippers did we make off this well which one did we sell well let's ask our
accountant which which inventory valuation are we using I don't know how
to you know know so the accountant explains or the CPA explains they
explained that there's three ways to do a inventory valuation
FIFO LIFO or weighted average which one are you doing or and and we talked about
this before and we're doing last in first
this one all right what is that what is lastin first-out
okay what do you think it is what's the last one what was the last one enter and
we're going left in first out right left in first out what was what was the last
one in our inventory the last one was the March last one was the March so this
is the one that we sold sold the March see now we still have sold the March for
last in hold on we sold see we sold this one so this is
our cost of goods sold right because these are our costs in here this is the
one we sold these two are still in our inventory you know what I'm really I'm
really liking this I'm really using this building so I think from now on I'll
make the building a lot bigger and this smaller so I'm always trying to get
better I'm always thinking about how I can make these videos better so let's go
where was i okay let's just do the problem sales 50 bucks cost a good sold
30 right we sold the March one the last one in was the first one out so last one
in with this one the last one off the truck into the warehouse is the first
one we sold does it really make that much logical sense if you think about it
because what about the work what did these what happened to the February and
January ones cuz they were already here earlier but you sold this one but anyway
- just stuff that I think about and I'm sound crazy so cost of it sold 30 how
much let's get to the end of everything how many tripperz did we make will dub
hmm I've done worse until a widget for 20 bucks you know I don't know so what's
our ending inventory what's our ending inventory actually
like if we're doing our you know ending inventory of the day and that's going to
be the beginning inventory of the next day
so you know the ending is the beginning this constants like why yes this is how
I do it to go back to my other Lipo FIFO where I might do a speed round again
what I do that I I just do it like a condensed picture because we have a
question you don't have time to do maybe drop down the whole building but this
this might not take too long but let's just do it right here real fast here you
bought these three you bought these three widgets for $60 you got to do a
life left in first out what was the last in was this was this one it was the
first out so that means the first out mean we sold this one we sold this one
we sold the 30 so that's going to be our cost of goods sold so then we're still
going to have this we're starting to have these two in our inventory that
January and February so we're going to have 34 in then Tory I mean I feel like
that was a really good idea be right there I just feel like that was really
good when I feel like I'm getting a little saucy get a little bitter on
everyone I got a couple minutes left I'm going to try to talk maybe at the end of
my video so I can get the mean potatoes done with you know the actual learning
and then for people who just want to hear a couple seconds we go mmm
I did I did want to start I do hopefully I'll leave that in the beginning where
I'm like um you know if no one's told you no one told you you're you're you're
able to conquer your dreams I'm here to tell you you can have conquer your
dreams think about this
everyone has a different dream in your head like my dream was to be a CPA and
then I had another dream to have a you know successful YouTube channel you the
viewer root overs want you're watching us right now you don't have those same
dreams you have a different one close your head with what I can close your
head I'm so I'm so weird close and close your eyes and just like what's your
dream like what's like what do you want to do and what you're seeing is
different than I guess what every other person seen that you're seeing something
just for you and why do you have that image your dream is because well you can
fulfill it that's why you have it take about that deuces