yoyoyo was good was popping with everybody what is happening man thank
you for coming back this is CPA strength I am the strongest licensed CPA
in the state of Florida and I teach the account I teach accounting to the world
by basic building block by building block by building block that was
presumptuous that I welcomed you back if this happens to be your first time I'll
leave a card here to the best playlist in the world this is my accounting
playlist this one lets you pass tests this lets you make lots of money and
that's what should be a CPA so what more do you want from life right they don't
find you companionship as well everything you need all right what are
you doing what are you doing CPA bruh what are you doing today no man I'm
doing it I'm doing it doing it well right I'm doing over 47 what is that in
Spanish I don't know my a spaniels fucking poquito Malo
and Dia cesta dia yeah it says Mala Mala Mala chico anyways we don't Emirates we
do whatever the word perpetual today alright and I just went from 46 let's
jump back in time in 46 it ran long we did we did FIFO all right so really all
it changed was a couple word because I was first I changed it to last don't
worry about that so much if you can only if you have attention deficit or
whatever but now we're changing which one we sell or say we're selling the
last one in is what we're selling the last inventories in the woman right
before we did the first the first ones in is what we were selling this is the
last one since we changed this and all these facts are the same with the dates
that we bought and sold which this this is I didn't change I didn't
change anything in here in our facts and with changing how which inventories were
selling none of none of the February journal entries changed that is a March
journal entries change see where has the brownish color here the eight thousand
sixty four government and credit because we sold see we sold a different
selection of our inventory because we're doing lastin first-out this time so that
changed and also we didn't get to May in the last video with this one this this
changes to how much the Zener is in our May inventory to sell ok so let's just
let's just dot let's just dive off in that's I'm sorry freakin a API shout out
after person so shout out boy Joe off my dog I'll have to wear my science shirt
and some more videos where anyways how about you say were just God okay
first off into the video huh let's do this
so let's just go you know I think February let's segue German three we
sell we sell 30 you sell 30 the self 700 which to thirty dollars pieces twenty
one thousand and there's there's our sales journal entry we're getting the
money now we're going to get rid of we're to cost it cost us fourteen
thousand dollars this was the same and forty six as it is in this one so I can
spend too much time on it mark we purchased five hundred and twenty to
forty this did not change from our last time eat from from how we are value the
inventory because that's for selling it we bought it out of certain price so
twenty to forty times five hundred eleven thousand two hundred that's what
we did in March now April this is kind of why this is
look this is one of the things that I changed I changed I change the words
right here from first a changes to last I changed this journal entry and then I
changed this journal entry because this is what we had an inventory so where's
my cowboy would you need to talk later bro oh okay stairs right here quickly
right here all right what did you do I don't know what I did
okay let's just hop off into April
just hop up in April so this isn't too long if you're like what's what's going
on here please look at 46 because I spend more
time leaning up and everything is if you're lost try 46 if you're still lost
after watching 46 okay I suggest starting from number one of my playlist
running through by the time you run through I'll probably be on for 50 or 60
and then we'll just see how your skills are then alright let's go let's go into
April what happened in April I sold I sold 360 widgets at 30 dollars a piece
360 360 times 30 equal ten thousand eight hundred gifts that's the cash I
got dev attached getting money debited out revenue credit sales ten thousand in
Hunter that's our first one now we're doing a perpetual system we so now we're
trying to see how much did this cost us we're getting the inventory off the
books and put our costs on the books for this alright so in April what's going on
in April 360 you sold 360 of these units all right whistle 360 degrees which one
which what Jesus did we go real fast real fast what was in our inventory here
what was there we started out with a thousand units at $20 apiece we sold 700
units number so after February we had 300
units of inventory at 20 apiece March we bought more inventory about 500 units of
inventory of 22 for your piece so first first we bought these 320 or first we
have these 322 inventory next or last not further if you're not if you're not
first you're last right accounting tells you that so laughs or not first you have
500 by 20 to 40 so now we're in April and we sold 360 which 360 did we sell
here well now this one what how are you evaluating inventory now we are valuing
our inventory by last in first out okay we're making our first sales here what
was our last inventories in all 500 of these that's that's the last one in yes
it is yes it is a 20 to 40 ok we'll about 20 to 40 22 43 the first one out
okay great so twenty two point four is how we're valuing this this this 360 go
out times 360 equals eight thousand sixty-four so really we can get this
week we get the number eight thousand sixty-four was you know how do you know
the debit because this is the double journal entry you're selling inventory
or a perpetual system so you want you want to keep up to date on the costs and
what is in your inventory how much you know you want to keep track of
everything so this journal entry helps you this will take the inventory off the
books because you're crediting the inventory inventories an asset you're
going to have a negative asset because we're going to take it off the books
you're decreasing the creeks in your out of inventory you have so it's going to
be a credit that's why your credit how your inventory over here you've
taken off the books now the devastating cost of goods sold
this makes print it's going for the expensive book cost of goods sold so
that's how the devastate thousand sixty-four cost of goods sold credit
inventory eight thousand sixty four now we have a couple more minutes with
Gullett Oppo dive up into the may alright what happen your may homie we're
happy array we sold cert we sold two hundred and forty weeks at $30.00 I
guess you keep on popping them up for series what if you go over 30 already
slang you know no one else got him right now pop them off what pop pop pop I'm
doing about raising the prices brown I just like to just I'm moving fast yeah I
let them flat I let the birds fly cheaper to fly away liberty of the
British flag with cheaper all needle that's that newly son who run out of
time running out of time that sucks now I'm going crazy alright what
happened it may have sold 200 240 times 30 7200 we've got money that's why the
cash at 7200 rummage sale sent me 200 that's our work crying now now that we
sold we sold inventory so what's our second journal entry our second journal
entry is getting rid of the inventory and putting our expense on the books so
what do we do we sold to 40 which 240 did we sell though which 240 in did we
sell that is the crux the problem what 240 did we sell I'm going to turn last
lap in so we sold 360 so we have 140 we have 140 left we have 140 at 22:40 all
right now it's sold 240 so the last in so that's what we have is it so last end
140 times 2240 140 times 22.4 equals 31 36 31 36 plus 31 36 Plus hold on 31:36
what do we have left here we sold one hundred and fortieth all we have left of
these so we're still selling a hundred more we're still selling a hundred more
as we're selling 240 we just sold 140 to 500 is allowed last one and we don't
have any more 500 so we're selling 100 of these that we got in 20 so 100 times
20 100 times 20 equals 2,000 plus 2,000 see 3,000 31 36 from our first batch
plus two thousand five five thousand one two five thousand hundred thirty six is
our credit over there okay blue on the side of feels creepy to be on this side
am I allowed to be on the side anyone you tell me anyway so write our diary
but as you can see this is how we that's the difference over here so we're doing
life on left and first out and you can see the numbers the numbers that this
was even though we didn't go in this one on the first one but right look it's hot
it's hot it's fork any office obviously if the AC doesn't work I live in so four
but I'm grinding can you appreciate the struggle so would like this video so so
sweet a strengthen get strippers up so CPA strength can live in office or live
in an environment where you can have air conditioning okay anyways thanks for
watching until next time deuces