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!
By the end of Inventory Accounting and Costing Course, you will:
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.
Recognize and correctly measure inventory under International Financial Reporting Standards (IFRS) and Generally Accepted Accounting Principles (GAAP)
Explain the proper use of write downs, write backs and impact of change in inventory accounting policies on financial statements
Apply professional judgment in accounting for inventory not on hand
Categorize different inventory cost flow assumptions and describe how they affect the company’s financial position and income statement
Outline the various approaches for cost accounting
Use Excel and pivot table tools and techniques to analyze inventory and calculate weighted average costs
This Inventory Accounting and Costing Course ideal for:
Inventory professionals, including supervisors, account managers, purchasing and facility supervisors and coordinators, financial controllers, new employees handling inventory, internal auditors, warehouse assistants and managers, and operations managers.
Our courses in London take place at the following locations :
Once you register for this course, we will subsequently send the invoice and course information, including location, trainer, and other logistics.
Pay Attention, Please! The course location is subject to availability; the course time will be precise one week before the course start date! We may change the course location if there is no availability, and we will let you know about the location change once it happens.