on it perspire we're gonna be
talking a bit late but actually still introducing its concept because
a lot different countries IFRS is implemented which are
international accounting standards and it's actually not allowed
under IFRS or private enterprise or Canadian job but the thing is
it still is allowed under US gap and
a lot of my viewers are critics American so I
but I would include this tutorial he summarized the way promoted so we'll go
over it
quickly but always remember back it is
it had not allowed under IFRS or any
private enterprise comedian job if you are
Canadian or it pure country uses
I apparatus standards are international standards but if you're in the US The
Corrs
wipers so is a valid om
not dead or policy for your inventory so let's go ahead
and actually talk about that
Mary's the blaster and its and
so will be a up course talking about the same thing will be trying to get across
a good sold
and I mean inventory waco actually stand then
or last and first
notes on the last inventory that we purchase
is going to be the first that we expand so
course again if we have if we have some
mandatory not sixteen dollars on January the first
and we have some inventory that is worth twenty dollars
that we purchase on January thirtieth you will expand its
this inventory first because bats
was are last her chest so
will go ahead and actually look at an example and look ugly
be's I like I always am label Matt that is exactly the opposite up the paper
method because the papers just
the first and expense while the wiper was the last
inventory purchased an expand so what's
let's go ahead and actually look at
the example course like always
Richard using the same table unit costs
units and of course are really overpriced milk so
we have overcoat cores are costs associated with them
I 10 or unit costs 15 17
twenty dollars for all our inventory that we purchased an hour beginning
inventory
so let's go ahead and calculates
cost of goods sold for the way from happened so
like always we're going to want you
gonna want to rate down our purchases her
kirchners ants will be looking at the
units which is 300 300 units
acts rush just read it I'm sign
thing that works better equals 3 Bozeman
roller tutorials they've actually the course
been the same amounts or with the inventory is worth
so actually have all abuse music number and buy an ounce of 100 units
except I can to rate back with women seventy people seventeen hundred dollars
but being
areas were that of course 300 units at
twenty dollars is six thousand or so basically
that is water inventory is work
and tonight is 13,700
so are beginning inventory and are kurds says that's what our inventory is worth
course we have those sales which are gonna determine
our cost of goods sold expand so
course our first sale is made on
the UV generate the aid
units so
course really need your expense 3
units so use in the light home at that
we're going to you expense the units or the purchases
attendance rate that's me knows recently purchased there of course
that will be are purchased angry on January BET
those colleague were working backwards as opposed to the paper map and so
that 300 units we are going to expand its
this entirely cross that
that immature art since the expense that wobble
and that's gonna be 300 unit that twenty dollars
which will be Alex you keep bringing
to which is going to be six thousand dollars
and are our next one will be at Salem
and 50 units access probably
cross that are our last note inventory or actuar
first because we're getting rid of that that first inventory levels
so course that no Kaidan is gone and now works Pantene
I'm 250 units
turned 50 units at that's what is the
the most necks recent majorie
I purchase order it is the course our general entry which is a hundred units
at seventeen dollars so beacon expands a hundred
those units but we need 250 units to expand so
so what's biggest sounds do things like always and will say a hundred units
at seventeen week spent seventeen hundred dollars the goods
and we need another 150
obviously it's about the 100 and 150
unit that we'd expect adds up to over 250 units
sale so let's go ahead and expand the 150 units
from the next most recent purchase and rib injury
so it's kinda like me expense three-quarters of thats
and of course we have 50 units
what over so we expect the 150 units I bats
unit cost which is speaking dollars
and that will come see reviews acquiescing
exactly 15 pounds 1 its you will be
pepsi
and in total that's going to give us
a cost of goods sold bad is 9000
and 50 hopefully up its on-screen
Michael agree sir so basically what we've done is be expense
the 17 dollars level of inventory
and of course a bit %uh be the third level
RR or third most recent
up Kercher century up inventories an hour left with kind of like a
combination
%uh somewhat be we have fifty
units remain in about fifteen dollars note and of course we have
on the entire treated you note the ten dollars not gonna
course just a fighter and inventory
will take but 30 about them 700
subtract our cost of goods sold which is
much inventory which sold and of course whatever research talk with
minus whatever resold will be our ending inventory
and thirty thousand seven hundred minus 9950
is going to be three pounds and seven hundred and fifty dollars
abandon inventory and those are our two numbers
that we've come up with using a light but not the so
on I was pretty quick one and we will talk
boats essentially I think we'll be talking
over you seem be and moving average
for the weighted average method using perpetual system
national actually say bats delay per Matt
it's going to use misstates for the perpetual
ants periodic system and I will
yield be exact same results because console and an inch or so
that's it for now, thanks for visit..
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