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Surgent's Mastering the Basics of Inventory Accounting


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4.00 Credits

Member Price $159.00

Non-Member Price $209.00


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.

  • Course Instructor: Samuel Monastra, CPA
  • 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


    Experience in accounting and attestation

    Designed For

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


    • 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




    This course is provided by a third-party vendor. Please note that login instructions will not be available in the ‘My Upcoming CPE’ section of the NESCPA website. Instead, the login instructions will be sent directly to you via email by Surgent. Upon completing the course, your hours will be recorded in the ‘My CPE Tracker’ section of the NESCPA website.

    Non-Member Price $209.00

    Member Price $159.00