Inventory Accounting and Costing

Whether you are a merchandiser, manufacturer, contractor or a service provider, inventory has a major impact on your net income and on the balance sheet In this course, participants are guided step by step through best practices for the purchasing process, the allocation of direct costs, indirect costs and production costs and comparisons between the different cost flow assumptions such as FIFO, LIFO and weighted average cost along with their impact on the financials and the physical counting of goods.

Inventory Accounting and Costing Course training course will discuss the importance of having accurate inventory figures reflect the net realizable value, use Excel and pivot tables to analyze inventory balances, calculate values of obsolete inventory and simulate calculations of weighted average cost.

Participant will study this process from the physical counting of goods to the inclusion of costs such as transport or insurance, to the calculation on the value of the goods thereby connecting the cost of goods to retained earnings and the balance sheet. You will also look into the different methods of apportioning costs to a stock item, and more!