- Recall the elements of inventory costing
- Apply inventory valuation methodologies to various types of inventory
- Determine reserve methodologies for inventory obsolescence
- Recall issues related to consignment inventory
- Assess risk and perform audit procedures on less complex inventories
- Elements of inventory cost and full-absorption costing
- Valuation methodologies, including LIFO, FIFO, weighted average, and specific identification
- Obsolescence reserves
- Retail inventory valuation basics
- Physical inventory observation approach refresher
- Accounting issues related to consigned inventory
- Risk associated with and steps performed in auditing of inventories.
Designed ForAccounting and auditing practitioners at all levels desiring to develop a detailed understanding of inventory accounting.
PrerequisiteExperience in accounting