ACCOUNTING BASICS for Beginners (Whole Playlist) - Average Cost Method (AVCO) | Inventory Cost Flows

👉 Confused by accounting? Download this free cheat sheet: https://accountingstuff.com In this video you'll learn about Inventory Cost Flow Assumptions. There are three of these: ▪ FIFO - First In First Out ▪ LIFO - Last In First Out ▪ AVCO - Weighted Average Cost Method This accounting tutorial focusses on AVCO. You'll discover how the Weighted Average Cost method works and get to practice using it with an example. This episode is part of a mini-series exploring Inventory in Accounting. You can find the link to the whole playlist here ⬇️ 🔗Full Inventory Playlist → https://www.youtube.com/playlist?list=PL5zKSeS09l31NY9Ecy-eFyrK6UiFzdtAi 🔴Subscribe for more Accounting Tutorials → https://geni.us/subtothechannel ⏱️TIMESTAMPS 00:00 - Intro 00:37 - What is the Inventory Calculation? 01:09 - The three assumptions: FIFO, LIFO and AVCO 01:23 - How AVCO works (Weighted Average Cost) 01:58 - Accounting with AVCO - Example 02:41 - Step 1: Draw an Inventory Cost Flow Table 02:55 - Step 2: Enter what you know 04:17 - Step 3: Fill in the blanks 07:10 - Step 4: Cost of Goods Sold and Closing Inventory 08:03 - FIFO vs LIFO vs AVCO 🔝 CLOUD ACCOUNTING SOFTWARE ▪ XERO (Free Trial / Discount) → https://xero5440.partnerlinks.io/08mfchsgfw8z ▪ QuickBooks Online USA (Free Trial / Discount) → https://geni.us/quickbooksonlineusa ▪ QuickBooks Online Canada (Free Trial / Discount) → https://geni.us/quickbooksonlinecanada 🔎FAQ ▪ My Favourite Accounting Book for Beginners → http://geni.us/5mKR7m 🚶FOLLOW ME ON ▪ Instagram → https://www.instagram.com/accountingstuff ▪ TikTok → https://www.tiktok.com/@accounting_stuff ▪ Facebook → https://www.facebook.com/thisisaccountingstuff/ 🎬LEARN ACCOUNTING BASICS FOR FREE ▪ The Full Playlist → https://www.youtube.com/playlist?list=PL5zKSeS09l339nB6ujJPQ9Rsv99_b-aTb ________________________ DISCLAIMER Some of the links above are affiliate links, where I earn a small commission if you click on the link and purchase an item. You are not obligated to do so, but it does help fund these videos in hopes of bringing value to you! ________________________ #accounting #accountingbasics #accountingstuff