Mastering the Basics of Inventory Accounting - Virtual Experience

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  • Location
    • Your Computer
      Your Space
      ISCPA / WASCPA Webinar, ID 00000
  • Credits
    • 4.00
  • Credit Type(s)
    • Accounting (4.00)
  • Prerequisites
    • Experience in accounting and attestation

  • Vendor
    • Surgent
  • Level
    • Basic
  • Fields of Study
    • Accounting
  • Message
    • Virtual Experience

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.

Designed For

Accounting and auditing practitioners at all levels desiring to develop a detailed understanding of inventory accounting

Objectives

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

Highlights

Elements of inventory cost and full-absorption costing, Valuation methodologies, including LIFO, FIFO, weighted average, and specific identification, Obsolescence reserves, LIFO accounting, Differences between book and tax cost capitalization and related income tax accounting, Retail inventory valuation methodology, Physical inventory observation approaches, Accounting issues related to consigned inventory, Other challenging issues related to inventory accounting

Advanced Prep

  • Manual will be available to download in the meeting room
  • Test your computer/device for compatibility with virtual meeting space well in advance of your webinar
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    Leaders

    Hunter Cook

    Hunter Cook is a retired Dixon Hughes Goodman LLP partner. For his last three years at DHG, he was part of the firm's Professional Standards Group and a member of the AICPA's Auditing Standards Board. Prior to joining DHG, Hunter taught accounting and auditing at Wake Forest University for one year. Following his graduation from Newberry College with a Bachelor of Science in accounting, he worked as an auditor with Ernst & Young in various capacities, including partner. Hunter is a past chair of NCACPA and past President of the NC State Board of CPA Examiners. He is currently a member of the Oversight Task Force of the AICPA's Peer Review Board, NASBA's Peer Review Compliance Committee, and the AACSB Accounting Accreditation Policy Committee. Hunter leads CPE programs covering professional ethics in North Carolina and courses covering technical material across the country. Hunter is a CPA in North Carolina and South Carolina.

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