Google Sheets-Accounting Inventory Costs–Example Problems
- 3.5 hours on-demand video
- 6 articles
- Full lifetime access
- Access on mobile and TV
- Certificate of Completion
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- 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
- We should have a basic understanding of financial accounting and debits and credits.
This course will only provide the practice Google Sheets problems component of our resources, so that learners can review the practice problem material without being distracted by other resources.
Google Sheets is a free spreadsheet program very similar to Microsoft Excel. We have uploaded our worksheets to Google Sheets so that more people can access them.
To use Google Sheets, we just need to set up a Google account, which is done by creating a Google e-mail account. The process is free.
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.
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
Periodic system verses a perpetual system.
We discuss FIFO, LIFO, and weighted average under each system.
- Accounting students
- Business owner
- Anyone who whats to learn accounting