Financial Accounting Five: Inventory Cost Flow Assumptions

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This course is designed for those interested to learn the basics of the different inventory methods and flows such as First In First Out, Last In First Out and weighted average, know the differences and uses of periodic and perpetual inventory systems and learn many key definitions of terms commonly used in the trade.

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About This CourseBeginner

In this course, we will 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. 

Summary of what will be covered: 

  • Inventory tracking methods
  • Inventory costs
  • Periodic system versus perpetual system
  • Key definitions
  • Comprehensive problem

Who is this course for:

  • Accounting students
  • Business owners
  • Anyone who wants to learn accounting

Our Promise to You

By the end of this course, you will have learned various inventory cost and cost flows  

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Course Curriculum

Course Sections

Inventory Cost Flow Assumptions FIFO, LIFO, Weighted Average, And Specific Identification

Downloadable Materials – Inventory Cost Flow Assumptions

Inventory Tracking And Inventory Methods

Inventory Tracking Explained – Introduction And Specific Identification

Inventory Methods Explained And Compared

Discussion Question

Inventory Cost, Principles, And Perpetual vs Periodic Methods

Inventory Costs

Consistency Concept

Lower Of Cost Or Market

Perpetual And Periodic Inventory Systems

Discussion Question

Introduction Periodic System FIFO: First In First Out

Periodic System FIFO: First In First Out

Worksheet FIFO Periodic System

Multiple Choice One – Inventory Cost

Discussion Question

Introduction Periodic System LIFO: Last In First Out

Periodic System LIFO: Last In First Out

Worksheet Periodic System LIFO: Last In First Out

Multiple Choice Two – Inventory Cost

Discussion Question

Introduction Periodic Weighted Average Method

Weighted Average Periodic System

Worksheet Weighted Average Periodic System

Multiple Choice Three – Inventory Cost

Discussion Question

Introduction Perpetual System In FIFO

FIFO Explained

Inventory Cost Problem FIFO: How To Calculate Inventory – Part One

Inventory Cost Problem FIFO: How To Calculate Inventory – Part Two

Multiple Choice Four – Inventory Cost

Discussion Question

Introduction Perpetual System In LIFO

LIFO Explained

Inventory Cost Problem LIFO – Part One

Inventory Cost Problem LIFO – Part Two

Multiple Choice Five – Inventory Cost

Discussion Question

Introduction Perpetual System Weighted Average Method

Average Inventory Method Explained

Inventory Cost Problem Perpetual System Weighted Average Method – Part One

Inventory Cost Problem Perpetual System Weighted Average Method – Part Two

Multiple Choice Six – Inventory Cost

Definitions And Key Terms

Interim Financial Statements

Inventory Turnover

LIFO Or Last In First Out

Lower Of Cost Or Market

Net Realizable Value

Retail Inventory Method

Specific Identification

Weighted Average

Average Cost

Conservatism Constraint

Consignee

Consignor

Consistency Concept

Days Sales In Inventory

FIFO Or First In First Out

Gross Profit

Introduction Comprehensive Problem

Merchandising Company Journal Entries Part One

Merchandising Company Journal Entries Part Two

Merchandising Company Journal Entries Part Three

Merchandising Company Journal Entries Part Four

Merchandising Company Journal Entries Part Five

Merchandising Company Adjusting Entries Part One

Merchandising Company Adjusting Entries Part Two

Merchandising Company Financial Statements Part One

Merchandising Company Financial Statements Part Two

Merchandising Company Financial Statements Part Three

Merchandising Company Financial Statements Part Four

Merchandising Company Closing Entries Part One

Merchandising Company Closing Entries Part Two

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