• Post category:Udemy (Jan 2022)
  • Reading time:13 mins read


What you will 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

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.


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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
English
language

Content

Introduction

Introduction

Inventory Tracking & Inventory Methods

Inventory Tracking & Inventory Methods
PDF – 10 600 Inventory Tracking Explained – Introduction-Specific Ide
10 600 Inventory Tracking Explained – Introduction-Specific Ide
PDF – 15 600 Inventory Methods Explained and compared FIFO LIFO Ave
15 600 Inventory Methods Explained and compared FIFO LIFO Ave

Inventory Cost, Principles, and Perpetual vs Periodic Inventory Systems

Inventory Cost, Principles, and Perpetual vs Periodic Methods
PDF – 17 Inventory Costs
17 Inventory Costs
PDF – 20 Consistency Concept
20 Consistency Concept
PDF – 30 Lower of Cost or Market
30 Lower of Cost or Market
PDF – 40 Perpetual & Periodic Inventory Systems
40 Perpetual & Periodic Inventory Systems
Discussion Question 1 Inventory Cost

Periodic System First In First Out (FIFO)

Periodic System First In First Out (FIFO)
PDF – 42 First In First Out (FIFO) Periodic System
42 First In First Out (FIFO) Periodic System
Excel Download
Worksheet FIFO Periodic System
Discussion Question 2 – Inventory Cost
Accounting Comic Break

Periodic System Last In Last Out (LIFO)

Periodic System Last In First Out (LIFO)
PDF – 44 Last In First Out LIFO Periodic
44 Last In First Out LIFO Periodic
Excel Download
Worksheet Last In First Out (LIFO) Periodic System
Discussion Question 3 Inventory Cost
Multiple Choice 1 – Inventory Cost

Periodic Weighted Average Method

Periodic Weighted Average Method
PDF – 46 Weighted Average Periodic System
46 Weighted Average Periodic System
Excel Download
Worksheet Weighted Average Periodic System
Discussion Question 4 Inventory Cost
Multiple Choice 2 – Inventory Cost

Perpetual System Fist In First Out (FIFO)

Perpetual System First In First Out (FIFO)
PDF 50 600 First In First Out FIFO Explained
50 600 First In First Out FIFO Explained
Excel Download
600.10 Inventory Cost Problem First In First Out part 1 Ex.%2C how to calculate
600.20 Inventory Cost Problem First In First Out part 2 Ex.%2C how to calculate-
Discussion Question 5 Inventory Cost
Multiple Choice 3 – Inventory Cost

Perpetual System Last In First Out (LIFO)

Perpetual System Last In First Out LIFO
PDF – 60 600 Last In First Out LIFO Inventory Method Explained
60 600 Last In First Out LIFO Inventory Method Explained
Excel Download
600.50 Cost Problem Last In First Out LIFO part 1 Ex.%2C how to calculate-Accoun
600.60 Cost Problem Last In First Out LIFO part 2 Ex.%2C how to calculate-Accoun
Discussion Question 6 Inventory Cost
Multiple Choice 4 – Inventory Cost
Short Calculation Test Questions 1

Perpetual System Weighted Average Method

Perpetual System Weighted Average Method
PDF – 70 600 Average Inventory Method Explained
70 600 Average Inventory Method Explained
Excel Download
600.30 Inventory Cost Problem Average method Part 1 Ex.%2C how to calculate-Acco
600.40 Inventory Cost Problem Average method Part 2 Ex.%2C how to calculate
Discussion Question 7 Inventory Cost
Multiple Choice 5 Inventory Cost
Short Calculation 2

Definitions & Key Terms

Definitions & Key Terms
Average Cost Definition – What is Average Cost%3F
Conservatism Constraint Definition – What is Conservatism Co
Consignee Definition – What is Consignee%3F
Consignor Definition – What is a Consignor%3F
Consistency Concept Definition – What is Consistency Concept
Days Sales in Inventory Definition – What is days sales in i
First in First out Definition FIFO – What is First in First
Gross Profit Definition – What is Gross Profit%3F (1)
Interim Financial Statements Definition – What are Interim Financial Statements%
Inventory Turnover Definition – What is Inventory Turnover%3F
Last in First Out LIFO Definition – What is Last in First ou
Lower of Cost or Market Definition – What is Lower of Cost o
Net Realizable Value Definition – What is Net Realizable Val
Retail Inventory Method Definition – What is Retail Inventory Method%3F
Specific Identification Definition – What is Specific Identi
Weighted Average Definition – What is Weighted Average Metho
Multiple Choice 6 Inventory Cost

Comprehensive Problem

Comprehensive Problem
Excel Download
1 Accounting%2C Financial – Comp Problem Merchandising Co Journal Entries Part 1
2 Accounting%2C Financial – Comp Problem Merchandising Co Journal Entries Part 2
3.5 Accounting%2C Financial – Comp Problem Merchandising Co Journal Entries Part
4 Accounting%2C Financial – Comp Problem Merchandising Co %282%29. Journal Entri
5 Accounting%2C Financial – Comp Problem Merchandising Co. Journal Entries Part
6 Comp Problem Merchandising Co. Adjusting Entries Part 6
7 Accounting%2C Financial – Comp Problem Merchandising Co. Adjusting Entries Par
8 Accounting%2C Financial – Comp Problem Merchandising Co. Financial Statements
9 Accounting%2C Financial – Comp Problem Merchandising Co. Financial Statements
10 Accounting%2C Financial – Comp Problem Merchandising Co. Financial Statements
11 Accounting%2C Financial – Comp Problem Merchandising Co. Financial Statements
12 Accounting%2C Financial – Comp Problem Merchandising Co. Closing Entries Part
13 Accounting%2C Financial – Comp Problem Merchandising Co. Closing Entries Part