Inventory Costing with FIFO, LIFO and Average Cost
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Inventory Costing with FIFO, LIFO and Average Cost

This course presents the basic concepts of inventory costing under the FIFO, LIFO and Average Cost systems.
New
0.0 (0 ratings)
Instead of using a simple lifetime average, Udemy calculates a course's star rating by considering a number of different factors such as the number of ratings, the age of ratings, and the likelihood of fraudulent ratings.
0 students enrolled
Last updated 8/2017
English
Current price: $12 Original price: $50 Discount: 76% off
4 days left at this price!
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Includes:
  • 2 hours on-demand video
  • 2 Articles
  • 2 Supplemental Resources
  • Full lifetime access
  • Access on mobile and TV
  • Certificate of Completion

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What Will I Learn?
  • Discover basic concepts associated with inventory costing.
  • Recognize how to perform calculations on a sequence of inventory purchases and sales under the FIFO system.
  • Recognize how to perform calculations on a sequence of inventory purchases and sales under the LIFO system.
  • Recognize how to perform calculations on a sequence of inventory purchases and sales under the Average Cost system.
View Curriculum
Requirements
  • No advanced preparation or prerequisites are needed for this course.
Description

In this course, the basic concepts of inventory costing under the FIFO, LIFO and Average Cost systems are presented along with examples of each, using two separate layouts for calculation. Also, a discussion about the impact to the Income Statement and the Balance Sheet under each method will be presented.

In this course, the basic concepts of inventory costing under the FIFO, LIFO and Average Cost systems are presented along with examples of each, using two separate layouts for calculation. Also, a discussion about the impact to the Income Statement and the Balance Sheet under each method will be presented.

Who is the target audience?
  • Anyone interested in finance, accounting or related fields.
Compare to Other Inventory Management Courses
Curriculum For This Course
8 Lectures
01:53:22
+
Introduction
6 Lectures 01:53:20


LIFO (Last In First Out)
10:49

Average Cost (Weighted)
13:58

Summary of The 3 Methods
10:42

Core Financial Accounting: Inventory Costing Continuous Play
56:38
+
Supporting Materials
2 Lectures 00:01
Notes Template: Inventory Costing
00:01

Workbook: Inventory Costing
00:00
+
Review and Test
0 Lectures 00:00
Review Questions
3 questions

FINAL EXAM
5 questions
About the Instructor
Illumeo Learning
4.4 Average rating
326 Reviews
1,389 Students
242 Courses
Condensed and Efficient Courses for Busy Professionals

Illumeo, incorporated in 2009, is revolutionizing the hide-bound world of corporate learning. Illumeo works with corporate professionals and organizations of all sizes to build the skills and capabilities that help everyone be an expert at their job.

Based in Silicon Valley, CA, Illumeo serves thousands of corporations and corporate professionals across Finance, Accounting, Human Resources, Sales and Marketing. The platform offers assessments, industry-benchmarked competency analyses, hundreds of expert-developed courses, collaborative tools, and the ability for companies to self-publish internal courses that promote institutional knowledge retention and dissemination.

Illumeo is the place for expertise management and we are dedicated to the proposition that everyone can be an expert at their job.

Erik Slayter (Illumeo)
4.2 Average rating
14 Reviews
50 Students
11 Courses

Erik is currently an Accounting Professor at California Polytechnic State University in San Luis Obispo. Formerly, Mr. Slayter served as Division Controller for the San Luis Obispo County division of Waste Connections, Inc. (NYSE: WCN). Prior to Mr. Slayter’s work for Waste Connections, he was Controller and MIS Director for Waller Genetics, a leading horticultural research company based in Santa Barbara County, California. Mr. Slayter’s M.B.A. and degree in Accounting were both earned from California Polytechnic State University in San Luis Obispo. Mr. Slayter holds an active Certified Public Accountant license from the State of California. Mr. Slayter serves as founder and President of CCSoccer Corp., a non-profit recreational, adult soccer league. 

Experience

Professor : Cal Poly San Luis Obispo - [2003-01 to Current]

District Controller : Waste Connections - [2002-10 to 2008-09]

Controller : Waller Genetics - [1997-10 to 2001-09]

Accountant : Shilling & Kenyon Accountants - [1993-10 to 1997-10]

Accountant : KPMG - [1992-06 to 1993-10] 

Education

MBA, Business : California Polytechnic State University-San Luis Obispo - [2006 to 2008]

BS, Accounting : California Polytechnic State University-San Luis Obispo - [1988 to 1992]