Financial Accounting – Inventory Costs

Mastering Inventory Costs & Flows: An In-Depth Guide to Accounting for Inventory in Business Operations

4.55 (275 reviews)
Accounting & Bookkeeping
Financial Accounting – Inventory Costs
12.5 hours
Jun 2019
last update
regular price

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.

Why take this course?

--- ### **Mastering Inventory Costs & Flows: An In-Depth Guide to Accounting for Inventory in Business Operations** 🏦📊 --- ### **Course Description:** *Welcome to our comprehensive course on Financial Accounting - Inventory Costs & Flow, where the fundamentals of accounting for inventory become crystal clear. 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.* **Key Course Highlights:** - **Inventory Costs Understanding:** We cover what constitutes inventory costs and how they impact your business's financial health. - **Accounting Methodologies:** Explore different accounting methods for freight costs, insurance costs, and purchase discounts, and learn how they affect inventory valuation. - **Inventory Flow Assumptions:** A thorough examination of inventory flow assumptions using specific identification, FIFO, LIFO, and weighted average methods within both periodic and perpetual inventory systems. **Course Features:** - **Interactive Learning:** Engage with downloadable resources like PDF files, Excel practice files, multiple-choice questions, and short calculation questions to enhance your learning experience. - **Discussion & Dialogue:** Participate in discussions with instructor Robert (Bob) Steele and fellow students, encouraging a deeper understanding of the subject matter. - **Expert Instruction:** Learn from an experienced accounting professional and educator, Bob Steele, who brings a wealth of knowledge with credentials including CPA, CGMA, MS Taxation, and expertise in curriculum development. **Learning Journey:** - **Theoretical Foundation:** Grip key definitions and terms related to inventory costing and flows to ensure a solid theoretical base. - **Practical Application:** Apply your knowledge through a comprehensive problem-solving module that tackles real-world scenarios. **Why This Course?** This course is the perfect blend of theory and practice, making it ideal for accounting enthusiasts, finance professionals, business students, or anyone interested in deepening their understanding of inventory costs and flows within financial accounting. --- ### **What You'll Learn:** - **Inventory Cost Classification:** Identify what goes into the cost of inventory and how to account for it properly. - **Cost Flow Methods:** Understand the implications of different methods like FIFO, LIFO, and weighted average on your financial statements. - **Inventory Accounting Techniques:** Master accounting for freight, insurance, and purchase discounts, and learn how to record these in your financial records. - **Inventory Flow Assumptions:** Make informed decisions based on the inventory flow assumptions that align with your business operations. --- ### **Instructor Profile:** **Robert (Bob) Steele** - A seasoned accounting professional and educator, Bob brings a wealth of knowledge to the course. With a background rich in technical accounting issues and extensive experience in teaching a range of accounting classes, he ensures a high-quality learning experience for all students. --- ### **Join Us & Transform Your Financial Accounting Skills!** 🚀 Dive into the world of financial accounting with our Inventory Costs & Flow course. Whether you're starting out or looking to sharpen your skills, this course will equip you with the knowledge and practical abilities needed to excel in the field of finance. Enroll now and take the first step towards mastering inventory costs and flows! 📈 ---


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May 7, 2018
Robert Steele is very knowledgeable in the accounting field and the presentation and explanations are excellent. Thank you.



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