Accounting for Inventories

Objectives:

After completing this course, you will be able to (1) identify the components of the cost basis of inventory for a retailer and a manufacturer, and determine which costs should be capitalized and which should be expensed; (2) distinguish between perpetual and periodic inventory accounting systems; (3) identify which items should be included in year-end inventory; (4) apply the first-in, first-out (FIFO); last-in, first-out (LIFO); and average cost flow methods for inventories; (5) measure the inventory subsequent to initial recognition in the annual and interim financial statements; (6) apply the gross profit method to estimate the balances of inventories and cost of goods sold; and (7) recognize the main differences between U.S. GAAP and IFRS in relation to inventory costing and measurement.

Major Topics:

Introduction, Cost Basis of Inventory - Initial Measurement, Inventory Accounting Systems and Period-End Inventory Physical Count, Cost Flow Methods, Inventory Measurement in the Financial Statements, Gross Profit Method

Prerequisite:

None

Additional Info:

Access the OnDemand Course:

• Login: Please login to the course at http://www.ficpa.org/gleimsso.
• Enter the OnDemand Course: Once logged, in, click on the Online CPE: Transcript button.
• Access the OnDemand Course: Click the Continue button next to the OnDemand title that you are registered for.
  

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