About This Course

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

Section 1 - Introduction
Inventory Cost Flow Assumptions FIFO, LIFO, Weighted Average, And Specific Identification 00:00:00
Downloadable Materials – Inventory Cost Flow Assumptions 00:00:00
Section 2 - Inventory Tracking And Inventory Methods
Inventory Tracking And Inventory Methods 00:00:00
Inventory Tracking Explained – Introduction And Specific Identification 00:00:00
Inventory Methods Explained And Compared 00:00:00
Discussion Question 00:00:00
Section 3 - Inventory Cost, Principles, And Perpetual vs Periodic Inventory Systems
Inventory Cost, Principles, And Perpetual vs Periodic Methods 00:00:00
Inventory Costs 00:00:00
Consistency Concept 00:00:00
Lower Of Cost Or Market 00:00:00
Perpetual And Periodic Inventory Systems 00:00:00
Discussion Question 00:00:00
Section 4 - Periodic System FIFO: First In First Out
Introduction Periodic System FIFO: First In First Out 00:00:00
Periodic System FIFO: First In First Out 00:00:00
Worksheet FIFO Periodic System 00:00:00
Multiple Choice One – Inventory Cost 00:00:00
Discussion Question 00:00:00
Section 5 - Periodic System LIFO: Last In First Out
Introduction Periodic System LIFO: Last In First Out 00:00:00
Periodic System LIFO: Last In First Out 00:00:00
Worksheet Periodic System LIFO: Last In First Out 00:00:00
Multiple Choice Two – Inventory Cost 00:00:00
Discussion Question 00:00:00
Section 6 - Periodic Weighted Average Method
Introduction Periodic Weighted Average Method 00:00:00
Weighted Average Periodic System 00:00:00
Worksheet Weighted Average Periodic System 00:00:00
Multiple Choice Three – Inventory Cost 00:00:00
Discussion Question 00:00:00
Section 7 - Perpetual System In FIFO
Introduction Perpetual System In FIFO 00:00:00
FIFO Explained 00:00:00
Inventory Cost Problem FIFO: How To Calculate Inventory – Part One 00:00:00
Inventory Cost Problem FIFO: How To Calculate Inventory – Part Two 00:00:00
Multiple Choice Four – Inventory Cost 00:00:00
Discussion Question 00:00:00
Section 8 - Perpetual System In LIFO
Introduction Perpetual System In LIFO 00:00:00
LIFO Explained 00:00:00
Inventory Cost Problem LIFO – Part One 00:00:00
Inventory Cost Problem LIFO – Part Two 00:00:00
Multiple Choice Five – Inventory Cost 00:00:00
Discussion Question 00:00:00
Section 9 - Perpetual System Weighted Average Method
Introduction Perpetual System Weighted Average Method 00:00:00
Average Inventory Method Explained 00:00:00
Inventory Cost Problem Perpetual System Weighted Average Method – Part One 00:00:00
Inventory Cost Problem Perpetual System Weighted Average Method – Part Two 00:00:00
Multiple Choice Six – Inventory Cost 00:00:00
Section 10 - Definitions And Key Terms
Definitions And Key Terms 00:00:00
Interim Financial Statements 00:00:00
Inventory Turnover 00:00:00
LIFO Or Last In First Out 00:00:00
Lower Of Cost Or Market 00:00:00
Net Realizable Value 00:00:00
Retail Inventory Method 00:00:00
Specific Identification 00:00:00
Weighted Average 00:00:00
Average Cost 00:00:00
Conservatism Constraint 00:00:00
Consignee 00:00:00
Consignor 00:00:00
Consistency Concept 00:00:00
Days Sales In Inventory 00:00:00
FIFO Or First In First Out 00:00:00
Gross Profit 00:00:00
Section 11 - Comprehensive Problem
Introduction Comprehensive Problem 00:00:00
Merchandising Company Journal Entries Part One 00:00:00
Merchandising Company Journal Entries Part Two 00:00:00
Merchandising Company Journal Entries Part Three 00:00:00
Merchandising Company Journal Entries Part Four 00:00:00
Merchandising Company Journal Entries Part Five 00:00:00
Merchandising Company Adjusting Entries Part One 00:00:00
Merchandising Company Adjusting Entries Part Two 00:00:00
Merchandising Company Financial Statements Part One 00:00:00
Merchandising Company Financial Statements Part Two 00:00:00
Merchandising Company Financial Statements Part Three 00:00:00
Merchandising Company Financial Statements Part Four 00:00:00
Merchandising Company Closing Entries Part One 00:00:00
Merchandising Company Closing Entries Part Two 00:00:00
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