Mastering Inventory
- April 10, 2023
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Learn the perpetual and periodic methods for recording inventory. Find out how to cost out inventory and record cost of goods sold using the weighted and moving average, FIFO, LIFO and lower of cost or net realizable value (LCNRV) methods. Double-quiz in each section assures that you master it.
Course Content
Mastering Inventory Lesson 3
- Weighted average costing
- How to compute ending inventory and COGS using weighted average costing (periodic method) and moving average costing (perpetual method).
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Mastering Inventory Lesson 4
- First-in, first-out (FIFO) costing: Clear explanations of FIFO under the perpetual v. periodic method, including how to compute and record purchases, sales, COGS and ending inventory.
- Last-in, first-out (LIFO) costing: How to compute and record purchases, sales, COGS, ending inventory and LIFO layers. When and how to compute LIFO liquidations.
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Mastering Inventory Lesson 5
- The lower of cost or net realizable value (LCNRV) rule
- How to compute and apply LCNRV by item v. group v. total inventory
- How to handle purchase commitments that are followed by a decline in the value of inventory, then a recover
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Mastering Inventory Final Exam
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