Inventory Accounting and Costing

Course Info

Date: July-11-2022

Length: 1 Week

City: Istanbul

Fees: 3,900

Type: In Classroom

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  • Aug-29-2022

    Istanbul

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    London

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    Madrid

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    Kuala Lumpur

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    Singapore

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    London

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  • Aug-08-2023

    London

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    Dubai

Course Details

Course Outline

5 days course

 

Introduction to inventory

 

  • Current assets and inventory management
  • The four reasons for keeping inventory
  • Inventory cycle from purchases to sales:
  • Ordering and receiving
  • Sales and delivery
  • Best practices in count process
  • Inventory industry types: merchandise, manufacturing, construction and real estate
  • Differences between inventory, fixed assets and investment properties
  • Understanding and analyzing inventory ratios

 

Accounting for Inventory

 

  • Perpetual versus periodic inventory methods
  • Cost accounting versus financial accounting
  • Cost allocation techniques:
  • Direct material, direct labor and manufacturing overhead
  • Initial recognition
  • Cost of purchase, cost of conversion and treatment of discounts and rebates received
  • Measurement after recognition
  • Calculating ‘net realizable value’ (IFRS)
  • Calculating market price under the Lower of Cost or Market (LCM) method (GAAP)
  • Estimating and booking write downs for slow moving and obsolete inventory
  • Accounting for write backs of impairment under IFRS and GAAP
  • Accounting for errors identified in physical count

 

Accounting for Inventory: Special Topics

 

  • Accounting for inventory not on hand
  • On consignment
  • Goods in-transit: defining incoterms
  • Sold with right of return
  • Sold subject to installation and inspection
  • Sold on a ‘bill and hold’ basis
  • The concept of ‘inventory credit’: inventory used as collateral to raise finance
  • Impact of accounting policies changes on financial statements
  • Inventory required disclosures

 

Inventory Cost Flow Assumptions

 

  • First-in First-out (FIFO) and Last-in First-out (LIFO)
  • Weighted average and moving average
  • Specific identification

 

Inventory Estimation and Cost Accounting Approaches

 

  • Inventory estimation techniques
  • Gross profit method
  • Retail method
  • Cost accounting approaches
  • Traditional costing versus activity based costing
  • Target costing versus cost plus pricing method
  • Standard cost accounting
  • Throughput accounting
  • Using Excel for efficient analysis of inventory
  • Consolidating your inventory data
  • Validating data for accuracy
  • Analyzing slow moving and obsolete inventory
  • Tests of recalculating weighted average and moving average costs
  • Using pivot tables to efficiently analyze and report on inventory issues

Course Video