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Duration

2.5 hours

Price

Level

Intermediate

Certification

Available

Instructor

Robert (Bob) Steele

Inventory cost flow assumptions - First In First Out (FIFO), Last In Firs Out (LIFO), Weighted Average Methods

Expected learning & outcomes

  • 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

    Skills you will learn

    Accounting, Accounting Software, Costing, Fashion, Financial accounting, QuickBooks, Taxation, Teaching

    About this course

    This course will provide only practice questions good for accounting test and CPA exam, so learners can practice test taking. Our course entitled “Financial Accounting – Inventory Costs” will also include practice problems, presentations, and discussion questions.

    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. 

    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.

    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

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