Accounting for Inventory ON DEMAND
Available Until
Your Desk
13.0 Credits
Member Price $58.00
Non-Member Price $67.00
Overview
The value of inventory is a difficult figure to pin down, and yet it must be properly derived in order to create accurate financial statements. This course enhances the accountant’s ability to derive an accurate valuation, every time. It does so by delving into inventory counting systems, cost layering, standard costing, overhead allocation, the lower of cost or market rule, disclosures, measurements, and much more. This course is an essential tool for dealing with one of the largest and most complex assets on the balance sheet.
Highlights
Inventory. Periodic and perpetual inventory systems. Inventory record accuracy. Inventory counting and reconciliation. Estimating ending inventory. Inventory cost layering. Standard costing inventory. Job costing, and more.
Prerequisites
None.
Designed For
CPAs, CFOs, controllers, financial professionals, and auditors.
Objectives
Identify the types of inventory and recognize the timing of inventory ownership. Specify the situations in which the periodic inventory system should be used, and how the perpetual system can be enhanced. Identify the situations that can cause incorrect inventory transactions. Recognize the activities needed to establish a system of inventory record keeping, and how such a system may be rendered less accurate. Estimate ending inventory using the retail method. Identify the contents and calculation methods used for all systems of cost layering. Recognize the calculation methods for and causes of variances from standard costs, and more.
Preparation
None.
Notice
None.
Leader(s):
Leader Bios
Steven Bragg, Western CPE
Steven M. Bragg, CPA, is a full-time book and course author who has written more than 70 business books. He provides Western CPE with self-study courses in the areas of accounting and finance, with an emphasis on the practical application of accounting standards and management techniques. A sampling of his courses include the The New Controller Guidebook, The GAAP Guidebook, Accountants’ Guidebook, and Closing the Books: An Accountant’s Guide. He also manages the Accounting Best Practices podcast.
Steven has been the CFO or controller of both public and private companies and has been a consulting manager with Ernst & Young and an auditor with Deloitte & Touche. He holds an MBA from Babson College, a Master of Finance from Bentley College, and a BA from the University of Maine (summa cum laude).
Non-Member Price $67.00
Member Price $58.00