Why do i Enroll?
🔰 Understand and accurately track different types of inventory costs including freight, insurance, and purchase discounts.
🔰 Implement and distinguish between different inventory flow methods: Specific Identification, First-In-First-Out (FIFO), Last-In-First-Out (LIFO), and Weighted A
🔰 Recognize the differences, advantages, and disadvantages between periodic and perpetual inventory systems.
🔰 Apply FIFO, LIFO, and weighted average methods in both periodic and perpetual systems.
🔰 Develop a solid understanding of key definitions and terms related to inventory accounting.
🔰 Demonstrate the application of these concepts through a comprehensive problem involving all the topics covered.
🔰 Engage in meaningful discussions about inventory management, cost flows, and their impacts on financial statements.
🔰 Improve problem-solving skills with short calculation practice questions and multiple-choice questions.
🔰 Utilize Excel for managing and calculating inventory-related tasks efficiently.
🔰 Interpret and create financial reports pertaining to inventory in a real-world context.
About Course
Welcome to our comprehensive course on Inventory Cost & Flow – Fundamental Accounting Concepts. This detailed course delves into the essentials of inventory costs and cost flows, offering an all-inclusive understanding of how to account for various inventory-related expenses and the dynamics of inventory flow assumptions.
Our in-depth course explores all facets of inventory costs, guiding students on what costs should be included in the inventory. We scrutinize the methods of accounting for freight costs, insurance costs, and purchase discounts associated with inventory, shedding light on how these factors affect the overall inventory value.
A key feature of the course is the detailed examination of inventory flow assumptions. We study various methodologies, including specific identification, first in first out (FIFO), last in first out (LIFO), and weighted average methods. To provide a thorough understanding, these methods are explored under the lens of both periodic and perpetual inventory systems.
Here What you will learn
Inventory Tracking & Inventory Methods5 lectures •
- Inventory Tracking & Inventory MethodsPreview
- PDF – 10 600 Inventory Tracking Explained – Introduction-Specific IdePreview
- 10 600 Inventory Tracking Explained – Introduction-Specific IdePreview
- PDF – 15 600 Inventory Methods Explained and compared FIFO LIFO Ave
- 15 600 Inventory Methods Explained and compared FIFO LIFO Ave
Inventory Cost, Principles, and Perpetual vs Periodic Inventory Systems
- Inventory Cost, Principles, and Perpetual vs Periodic Methods
- PDF – 17 Inventory Costs
- 17 Inventory Costs
- PDF – 20 Consistency Concept
- 20 Consistency Concept
- PDF – 30 Lower of Cost or Market
- 30 Lower of Cost or Market
- PDF – 40 Perpetual & Periodic Inventory Systems
- 40 Perpetual & Periodic Inventory Systems
- Discussion Question 1 Inventory Cost
