Training package In Cost and accounting of inventory operations – Material Drive

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Whether you are a trader, an industrialist, a contractor or a service provider, inventory has a significant impact on net income and on the balance sheet. At this session, participants will be guided step-by-step on best practices in the procurement process, direct and indirect costs and production costs, and comparison of cost-flow assumptions such as FIFO and LIFO, weighted average cost and their impact on the financial sector and the actual number of goods. We will discuss the importance of accurate figures that reflect the net realizable value during inventory, the use of Excel and Pivot tables to analyze inventory balances, calculate obsolete inventories and simulate calculations for the weighted average cost.

What Will I Learn?

  • Include the different types and reasons for inventory and build a total inventory cycle from purchase to sale
  • Clarify the difference between continuous and periodic inventory methods and assess techniques for allocating inventory cost and recognition correctly
  • Inventory measurement under International Financial Reporting Standards (IFRS) and Generally Accepted Accounting Principles (GAAP)
  • Explanation of the importance of written and retrospective writing and the impact of change in the accounting policies of inventories on the financial statements
  • Applying the professional judiciary in the field of accounting for non-company stock
  • Categorize various cost flow assumptions and describe their impact on the company's financial position and income statement
  • Identify different methods of cost accounting
  • Use Excel and Pivot tables and techniques to analyze inventories and calculate the weighted average cost

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