Financial Accounting – Inventory Costs
4.5 (54 ratings)
Course Ratings are calculated from individual students’ ratings and a variety of other signals, like age of rating and reliability, to ensure that they reflect course quality fairly and accurately.
11,167 students enrolled

Financial Accounting – Inventory Costs

Inventory cost flow assumptions - First In First Out (FIFO), Last In Firs Out (LIFO), Weighted Average Methods
4.5 (54 ratings)
Course Ratings are calculated from individual students’ ratings and a variety of other signals, like age of rating and reliability, to ensure that they reflect course quality fairly and accurately.
11,167 students enrolled
Last updated 6/2019
English
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Current price: $139.99 Original price: $199.99 Discount: 30% off
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This course includes
  • 12.5 hours on-demand video
  • 20 downloadable resources
  • Full lifetime access
  • Access on mobile and TV
  • Certificate of Completion
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What you'll learn
  • Inventory Costing
  • First In First Out (FIFO) cost flow method
  • Last In First Out (LIFO) cost flow method
  • Weighted average cost flow method
  • Periodic inventory method
  • Perpetual inventory method
Requirements
  • We should have a basic understanding of financial accounting and debits and credits.
Description

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
Who this course is for:
  • Accounting students
  • Business owner
  • Anyone who whats to learn accounting
Course content
Expand all 96 lectures 12:33:23
+ Inventory Cost, Principles, and Perpetual vs Periodic Inventory Systems
10 lectures 31:41
Inventory Cost, Principles, and Perpetual vs Periodic Methods
01:28
PDF - 17 Inventory Costs
00:08
17 Inventory Costs
08:39
PDF - 20 Consistency Concept
00:08
20 Consistency Concept
03:46
PDF - 30 Lower of Cost or Market
00:08
30 Lower of Cost or Market
04:04
PDF - 40 Perpetual & Periodic Inventory Systems
00:08
40 Perpetual & Periodic Inventory Systems
10:14
Discussion Question 1 Inventory Cost
02:58
+ Periodic System First In First Out (FIFO)
7 lectures 01:30:40
Periodic System First In First Out (FIFO)
00:32
PDF - 42 First In First Out (FIFO) Periodic System
00:08
42 First In First Out (FIFO) Periodic System
34:17
Excel Download
00:05
Worksheet FIFO Periodic System
47:53
Discussion Question 2 - Inventory Cost
07:31
Accounting Comic Break
00:14
+ Periodic System Last In Last Out (LIFO)
7 lectures 01:35:30
Periodic System Last In First Out (LIFO)
00:49
PDF - 44 Last In First Out LIFO Periodic
00:08
44 Last In First Out LIFO Periodic
34:10
Excel Download
00:05
Worksheet Last In First Out (LIFO) Periodic System
44:44
Discussion Question 3 Inventory Cost
06:15
Multiple Choice 1 - Inventory Cost
09:19
+ Periodic Weighted Average Method
7 lectures 01:37:03
Periodic Weighted Average Method
00:44
PDF - 46 Weighted Average Periodic System
00:08
46 Weighted Average Periodic System
29:07
Excel Download
00:05
Worksheet Weighted Average Periodic System
49:22
Discussion Question 4 Inventory Cost
05:58
Multiple Choice 2 - Inventory Cost
11:39
+ Perpetual System Fist In First Out (FIFO)
8 lectures 47:43
Perpetual System First In First Out (FIFO)
00:37
PDF 50 600 First In First Out FIFO Explained
00:08
50 600 First In First Out FIFO Explained
09:12
Excel Download
00:05
600.10 Inventory Cost Problem First In First Out part 1 Ex.%2C how to calculate
11:01
600.20 Inventory Cost Problem First In First Out part 2 Ex.%2C how to calculate-
12:05
Discussion Question 5 Inventory Cost
05:01
Multiple Choice 3 - Inventory Cost
09:34
+ Perpetual System Last In First Out (LIFO)
9 lectures 01:00:54
Perpetual System Last In First Out LIFO
00:36
PDF - 60 600 Last In First Out LIFO Inventory Method Explained
00:08
60 600 Last In First Out LIFO Inventory Method Explained
07:41
Excel Download
00:05
600.50 Cost Problem Last In First Out LIFO part 1 Ex.%2C how to calculate-Accoun
10:02
600.60 Cost Problem Last In First Out LIFO part 2 Ex.%2C how to calculate-Accoun
10:09
Discussion Question 6 Inventory Cost
04:44
Multiple Choice 4 - Inventory Cost
15:28
Short Calculation Test Questions 1
12:01
+ Perpetual System Weighted Average Method
9 lectures 57:23
Perpetual System Weighted Average Method
00:41
PDF - 70 600 Average Inventory Method Explained
00:08
70 600 Average Inventory Method Explained
07:03
Excel Download
00:05
600.30 Inventory Cost Problem Average method Part 1 Ex.%2C how to calculate-Acco
10:01
600.40 Inventory Cost Problem Average method Part 2 Ex.%2C how to calculate
08:47
Discussion Question 7 Inventory Cost
04:01
Multiple Choice 5 Inventory Cost
10:57
Short Calculation 2
15:40
+ Definitions & Key Terms
18 lectures 01:01:57
Definitions & Key Terms
00:51
Average Cost Definition - What is Average Cost%3F
04:34
Conservatism Constraint Definition - What is Conservatism Co
02:14
Consignee Definition - What is Consignee%3F
02:32
Consignor Definition - What is a Consignor%3F
02:39
Consistency Concept Definition - What is Consistency Concept
02:32
Days Sales in Inventory Definition - What is days sales in i
02:03
First in First out Definition FIFO - What is First in First
03:48
Gross Profit Definition - What is Gross Profit%3F (1)
02:18
Interim Financial Statements Definition - What are Interim Financial Statements%
02:09
Inventory Turnover Definition - What is Inventory Turnover%3F
01:49
Last in First Out LIFO Definition - What is Last in First ou
03:32
Lower of Cost or Market Definition - What is Lower of Cost o
01:51
Net Realizable Value Definition - What is Net Realizable Val
02:17
Retail Inventory Method Definition - What is Retail Inventory Method%3F
03:26
Specific Identification Definition - What is Specific Identi
03:31
Weighted Average Definition - What is Weighted Average Metho
04:04
Multiple Choice 6 Inventory Cost
15:47