CE/CPE Course Information

Accounting for Inventories

CPE Credits: 4
Subject Area: Accounting and Auditing
Field of Study: Accounting
Program Level: Overview
Lesson Version: 18-1
Publication/Revision Date: August 29, 2017
Prerequisites/Advanced Preparation: None
Written By: Michael Kustanovich, CPA

Learning
Objectives
    After completing this course, you will be able to
  • Identify the components of the cost basis of inventory for a retailer and a manufacturer, and determine which costs should be capitalized and which should be expensed
  • Distinguish between perpetual and periodic inventory accounting systems
  • Identify which items should be included in year-end inventory
  • Apply the first-in, first-out (FIFO); last-in, first-out (LIFO); and average cost flow methods for inventories
  • Measure the inventory subsequent to initial recognition in the annual and interim financial statements
  • Apply the gross profit method to estimate the balances of inventories and cost of goods sold
  • Recognize the main differences between U.S. GAAP and IFRS in relation to inventory costing and measurement
Course Topics
  1. Introduction
  2. Cost Basis of Inventory – Initial Measurement
  3. Inventory Accounting Systems and Period-End Inventory Physical Count
  4. Cost Flow Methods
  5. Inventory Measurement in the Financial Statements
  6. Gross Profit Method

This self-study course consists of an Audiovisual presentation, a 20-question True/False Introductory quiz, a Knowledge Transfer Outline with multiple-choice questions for study and review, and a Qualified Assessment of 20 questions.

This course is designed for your convenience. You may log out at any time during the course; your current position and all work will be saved. The next time you log in, you can resume right where you logged off.

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