Financial Accounting – Inventory Costs
Mastering Inventory Costs & Flows: An In-Depth Guide to Accounting for Inventory in Business Operations
What you will learn:
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.
