CE/CPE Course Information

Accounting for Inventories

CPE Credits: 4
Subject Area: Accounting and Auditing
Field of Study: Accounting
Program Level: Overview
Delivery Method: QAS Self-Study
Lesson Version: 18-2
Publication/Revision Date: August 29, 2017
Prerequisites/Advanced Preparation: None
Written By: Michael Kustanovich, CPA

Learning Objectives	After completing this course, you will be able to Identify the components of the cost basis of inventory for a retailer and a manufacturer, and determine which costs should be capitalized and which should be expensed Distinguish between perpetual and periodic inventory accounting systems Identify which items should be included in year-end inventory Apply the first-in, first-out (FIFO); last-in, first-out (LIFO); and average cost flow methods for inventories Measure the inventory subsequent to initial recognition in the annual and interim financial statements Apply the gross profit method to estimate the balances of inventories and cost of goods sold Recognize the main differences between U.S. GAAP and IFRS in relation to inventory costing and measurement. This course was reviewed on August 17, 2023, and no updates or revisions were deemed necessary.
Course Topics	Introduction Cost Basis of Inventory – Initial Measurement Inventory Accounting Systems and Period-End Inventory Physical Count Cost Flow Methods Inventory Measurement in the Financial Statements Gross Profit Method

Learning
Objectives

After completing this course, you will be able to

Identify the components of the cost basis of inventory for a retailer and a manufacturer, and determine which costs should be capitalized and which should be expensed
Distinguish between perpetual and periodic inventory accounting systems
Identify which items should be included in year-end inventory
Apply the first-in, first-out (FIFO); last-in, first-out (LIFO); and average cost flow methods for inventories
Measure the inventory subsequent to initial recognition in the annual and interim financial statements
Apply the gross profit method to estimate the balances of inventories and cost of goods sold
Recognize the main differences between U.S. GAAP and IFRS in relation to inventory costing and measurement.
This course was reviewed on August 17, 2023, and no updates or revisions were deemed necessary.

Course Topics

Introduction
Cost Basis of Inventory – Initial Measurement
Inventory Accounting Systems and Period-End Inventory Physical Count
Cost Flow Methods
Inventory Measurement in the Financial Statements
Gross Profit Method

This QAS self-study course consists of an Audiovisual presentation, a Knowledge Transfer Outline with multiple-choice questions for study and review, and a Qualified Assessment of 20 questions.

This course is designed for your convenience. You may log out at any time during the course; your current position and all work will be saved. The next time you log in, you can resume right where you logged off.

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