Financial Accounting – Inventory Costs

What you'll learn:

1. Inventory Costing
2. First In First Out (FIFO) cost flow method
3. Last In First Out (LIFO) cost flow method
4. Weighted average cost flow method
5. Periodic inventory method
6. Perpetual inventory method

Requirements:

We should have a basic understanding of financial accounting and debits and credits.

Description:

We cover inventory costs and cost flows, including what is included in the cost of inventory and how to account for inventory freight costs, inventory insurance costs, and discount. We also discuss inventory flow assumptions including specific identification, first in first out (FIFO), last in first out (LIFO), and weighted average methods. FIFO, LIFO and weighted average methods will be discussed using both a periodic inventory system and a perpetual inventory system. 

In addition to instructional video, this course will include downloadable

•    Downloadable PDF Files
•    Excel Practice Files
•    Multiple Choice Practice Questions
•    Short Calculation Practice Questions
•    Discussion Questions

The PDF files allow us to download reference information we can use offline and as a guide to help us work through the material.

Excel practice files will be preformatted so that we can focus on the adjusting process and learning some of the basics of Excel, like addition, subtraction, and cell relationships.

Multiple choice example question helps us improve our test-taking skills by reducing the information into the size and format of multiple choice questions and discussing how to approach these questions.

Short calculation questions help us reduce problems that have some calculation down to a short format that could be used in multiple choice questions.

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