Inventory: Valuation & Other Issues (Lesson 6.5)

In this video, I discuss the VALUATION of inventory, namely the Lower of Cost or Market and Lower of Cost or NRV systems. I treat these at their most basic levels, here, and Lower of Cost or Market is simplified considerably. I also discuss other fundamental inventory issues, including the estimation of Ending Inventory using Gross Profit, and the effect(s) of under/overstating Ending Inventory on the financial statements in the current and subsequent periods. If this video was helpful to you, please LIKE, COMMENT, and SUBSCRIBE to help me grow this channel! If you would like to support my work, you may do so here: https://ko-fi.com/phdnotrequired #accounting #business #tutoring #education #financialaccounting #college