Description
While many entities maintain inventory, they are often challenged when applying the complexities of inventory accounting. The goal of this course is to provide a detailed overview of inventory accounting concepts that can be applied to a variety of inventory types.
The course will cover the basics of inventory capitalization, for both book and tax, as well as the basic inventory valuation methods, LIFO, FIFO, weighted average, and specific identification. Then the course will give a more detailed review of the LIFO and retail methodologies. It will cover the topics of inventory obsolescence reserves and other issues related to inventory accounting, including a discussion of how COVID-19 has impacted these accounting considerations.
This course will be the one-shop stop to get you up-to-speed on the accounting for this critical, revenue-producing asset.
Objective
Recall the elements of inventory cost for book and income tax accounting purposes Apply inventory valuation methodologies to various types of inventory Determine reserve methodologies for inventory obsolescence Determine appropriate inventory observation approaches Recall issues related to consignment inventory
Credit Types
- CPE – Accounting
Registration Fees
| Registration | Type | Price |
|---|---|---|
| Member | Member | $160 |
| Non Member | Non Member | $320 |
The North Carolina Association of Certified Public Accountants is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.nasbaregistry.org/.For information regarding refund, complaint, program cancellation or other policies, visit our Registration Policies page or call 800-469-1352.