Financial Accounting – Inventory Costs

Accounting Instruction

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21 Videos (4h 7m)
    • Financial Accounting Inventory Costs Overview

      6:10
    • 10 600 Inventory Tracking Explained Introduction Specific Ide

      6:09
    • 15 600 Inventory Methods Explained and compared FIFO LIFO Ave

      9:02
    • 17 Inventory Costs

      8:39
    • 20 Consistency Concept

      3:46
    • 30 Lower of Cost or Market

      4:04
    • 40 Perpetual & Periodic Inventory Systems

      10:14
    • 42 First In First Out (FIFO) Periodic System

      34:17
    • 44 Last In First Out LIFO Periodic

      34:10
    • 46 Weighted Average Periodic System

      29:07
    • 50 600 First In First Out FIFO Explained

      9:12
    • 60 600 Last In First Out LIFO Inventory Method Explained

      7:41
    • 70 600 Average Inventory Method Explained

      7:03
    • Discusion Question 5 Inventory Cost

      5:01
    • Discussion Question 2 Inventory Cost

      7:31
    • Discussion Question 3 Inventory Cost

      6:15
    • Multiple Choice 1 Inventory Cost

      9:19
    • Multiple Choice 2 Inventory Cost

      11:39
    • Multiple Choice 3 Inventory Cost

      9:34
    • 600 CPA Exam Part 1 Inventory Methods FIFO%2C LIFO%2C Average CPA exam %26 other accounting test

      12:01
    • 600 CPA Exam Part 2 Inventory Methods FIFO%2C LIFO%2C Average CPA exam %26 other accounting test

      15:40

About This Class

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.

Discussion Question will provide an opportunity to discuss these topics with the instructor and other students, a process many students find very helpful because it allows us to see the topic from different viewpoints.

Who will we be learning from?

You will be learning from somebody who has technical experience in accounting concepts and in accounting software like QuickBooks, as well as experience teaching and putting together curriculum.

You will be learning from somebody who is a:

•    CPA – Certified Public Accountant

•    CGMA – Chartered Global Management Accountant

•    Master of Science in Taxation

•    CPS – Certifies Post-Secondary Instructor

•    Curriculum Development Export

As a practicing CPA the instructor has worked with many technical accounting issues and helped work through them and discuss them with clients of all levels.

As a CPS and professor, the instructor has taught many accounting classes and worked with many students in the fields of accounting, business, and business applications.

The instructor also has a lot of experience designing courses and learning how students learn best and how to help students achieve their objectives. Experience designing technical courses has also benefit in being able to design a course in a logical fashion and deal with problems related to technical topics and the use of software like QuickBooks Pro.

Summary of what will be covered: 

  • Inventory Tracking methods
    • Specific identification method
    • First in first out (FIFO) method
    • Last in first out (LIFO) method
    • Weighted average method
  • Inventory costs
    • Fright
    • Insurance
    • Purchase discounts
  • Periodic system verses a perpetual system. 
    • We discuss FIFO, LIFO, and weighted average under each system. 
  • Key definitions
  • Comprehensive problem

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