Inventory Errors: Overstated & Understated Inventory

Inventory errors can either overstate or understate inventory. Inventory could be beginning inventory or ending inventory.
1. FIFO vs LIFO
2. Ending inventory errors
3. Beginning inventory errors
4. Inventory errors counterbalance
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ACCOUNTING FOR INVENTORY
✅ Inventory and Cost of Goods Sold • Inventory and Cost of ...
✅ Inventory FIFO, LIFO, & Weighted Average • Inventory Methods: FIF...
✅ Inventory Errors • Inventory Errors: Over...
✅ Estimating Inventory • Estimating Inventory: ...
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CHAPTERS
00:00 Intro
00:17 FIFO vs LIFO
01:25 Inventory errors
02:05 Ending inventory errors
04:55 Beginning inventory errors
06:50 Inventory errors counterbalance
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10/24/2021
• Inventory Errors: Over...

[@FinallyLearn]

Thanks for watching. See the inventory playlist: czcams.com/play/PLfGIgQ5MF87AVumvZn-3QEK5A6kqCF56W.html

[@maxbronion2288]

Thank you tremendously! As someone who is self studying accounting, this is really helpful.

[@FinallyLearn]

Glad it is helpful. Thanks for watching and commenting. Good luck!

[@graydencowan3677]

This is so much more helpful than my courses explanation thank you

[@FinallyLearn]

Glad it was helpful! Thanks for your kind comment.

[@ThuRa-pj8uy]

Please explain to me how to record the balance of closed items more than the balance on the ground in the profit and loss account.

[@FinallyLearn]

The cost of goods sold is the amount that is expensed or the items that are sold or lost.

[@cylynndeblois1572]

In the case of unrecorded withdrawals of inventory, if the ending inventory is overstated, should not be the COGS is understated therefore the income is overstated. I'm confused.

[@FinallyLearn]

If ending inventory is overstated, net income is overstated.