INVENTORY ACCOUNTING AND COSTING TECHNIQUES
Whether you are a trader, manufacturer, contractor or a service provider, inventory has a major impact on your net income and on the balance sheet. In this course, participants are guided step by step through best practices of the purchasing process, the allocation of direct costs, indirect costs and production costs and comparisons between the different cost flow assumptions such as FIFO, LIFO and weighted average cost along with their impact on the financials and the physical counting of goods. We will discuss the importance of having accurate inventory figures reflect the net realizable value, use Excel and pivot tables to analyze inventory balances, calculate values of obsolete inventory and simulate calculations of weighted average cost.
• Lecture, discussion, syndicate work, case study and exercises. Audio-visual aids will be used to reinforce these learning methods.
- Inventory professionals, including supervisors, account managers, purchasing and facility supervisors and coordinators, financial controllers, new employees handling inventory, internal auditors, warehouse assistants and managers, operations managers and others who perform related functions in public and private organizations.