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.
Read more.Instructor
Robert (Bob) Steele CPA, CGMA, M.S. Tax, CPI
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Who this course is for:
- Accounting students
- Business owners
- Anyone who wants to learn accounting
What you’ll learn:Â
- Inventory tracking methods
- Inventory costs
- Periodic system versus perpetual system
- Key definitions
- Comprehensive problem
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.
Our Promise to You
By the end of this course, you will have learned various inventory cost and cost flows Â
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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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