Inventory Accounting and Costing (1 Week)
Inventory Accounting and Costing
Introduction
This program aims to provide participants with a comprehensive understanding of inventory accounting principles and costing methods. By the end of this training, participants will be equipped with the knowledge and skills necessary to effectively manage inventory-related financial transactions and make informed decisions related to inventory valuation.
Training Objectives
- Understand the fundamental principles of inventory accounting.
- Gain knowledge of various inventory costing methods and their implications.
- Learn how to calculate and record inventory costs accurately.
- Develop proficiency in analyzing inventory-related financial statements.
- Acquire skills to evaluate inventory turnover and optimize inventory levels.
- Explore strategies for managing inventory-related risks and challenges.
Course Outlines
Day 1
Introduction to Inventory Accounting
- Overview of inventory management and its significance
- Types of inventory and their characteristics
- Principles and concepts of inventory accounting
- Financial reporting requirements for inventory
Day 2
Inventory Costing Methods
First-In, First-Out (FIFO) method
Last-In, First-Out (LIFO) method
Weighted Average Cost method
Specific Identification method
Comparison of costing methods and their impact on financial statements
Day 3
Inventory Valuation and Cost Calculation
- Determining the cost of purchases and production
- Including overhead costs in inventory valuation
- Evaluating inventory obsolescence and impairment
- Lower of Cost or Net Realizable Value (LCNRV) concept
- Recording inventory costs and valuation adjustments
Day 4
Analysis of Inventory Financial Statements
- Understanding inventory-related financial ratios
- Interpreting balance sheet and income statement components
- Assessing inventory turnover and days’ sales in inventory
- Analyzing cost of goods sold and gross profit margin
- Identifying inventory-related risks and challenges
Day 5
Inventory Management and Optimization
- Inventory control techniques and strategies
- Economic Order Quantity (EOQ) model
- Just-in-Time (JIT) inventory management
- ABC analysis for inventory categorization
- Strategies for reducing excess and obsolete inventory
DATES & LOCATIONS
Amsterdam
Madrid
Istanbul
MUNICH
PARIS
BRUSSELS
AMSTERDAM - MADRID - ISTANBUL - MUNICH - PARIS - BRUSSELS
REF: IN-1101
€
4250
Individual fee
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COURSE DATES
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13 JAN - 17 JAN 2025
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20 JAN - 24 JAN 2025
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03 FEB - 07 FEB 2025
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17 FEB - 21 FEB 2025
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03 MAR - 07 MAR 2025
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17 MAR - 21 MAR 2025
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07 APR - 11 APR 2025
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21 APR - 25 APR 2025
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05 MAY - 09 MAY 2025
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19 MAY - 23 MAY 2025
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09 JUN - 13 JUN 2025
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23 JUN - 27 JUN 2025
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07 JUL - 11 JUL 2025
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21 JUL - 25 JUL 2025
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04 AUG - 08 AUG 2025
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25 AUG - 29 AUG 2025
Special Price for Groups
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