Financial Accounting – Inventory Costs

Course Overview

• Course Title: Financial Accounting – Inventory Costs
• Instructor: Robert (Bob) Steele
• Target Audience: Students familiar with fundamental accounting principles and concepts
• Prerequisites: Basic understanding of Accounting, prior completion of an introductory accounting course recommended

Curriculum Highlights

• Key Topics Covered:
  • Inventory costs including freight, insurance, and purchase discounts
  • Inventory flow methods: Specific Identification, First-In-First-Out (FIFO), Last-In-First-Out (LIFO), and Weighted Average
  • Periodic and perpetual inventory systems
  • Key definitions and terms related to inventory accounting
• Key Skills Learned:
  • Accurately tracking different types of inventory costs
  • Implementing and distinguishing between different inventory flow methods
  • Applying FIFO, LIFO, and weighted average methods in both periodic and perpetual systems
  • Using Excel for managing and calculating inventory-related tasks

Course Format

• Duration: 12.5 hours on-demand video
• Format: Self-paced online course
• Resources:
  • 20 downloadable resources
  • Access on mobile and TV
  • Certificate of completion
  • Excel practice files
  • Multiple-choice questions
  • Short calculation practice questions

Additional Information

• Course Details: Comprehensive course on Inventory Cost & Flow - Fundamental Accounting Concepts