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Inventory Best Practices - Webinar

  • ID: 4342168
  • Webinar
  • August 2017
  • Region: Global
  • 90 Minutes
  • Lorman Business Center, Inc.
Are you satisfied with the financial information being derived from your cost accounting system? Do you feel your organization is effectively managing inventory?

For many companies in the manufacturing and distribution industry, inventory is the largest asset on the balance sheet. However, management often struggles to implement internal controls and processes that would enable management to effectively monitor inventory levels and value inventory on hand. This topic will help you learn how to evaluate the processes and controls surrounding inventory and implement best practices for both valuing and measuring your inventory.

Learning Objectives
  • You will be able to identify controls to effectively count and value your inventory.
  • You will be able to discuss some common problems faced by companies in connection with inventory.
  • You will be able to review the appropriateness of your companys valuation of inventory.
  • You will be able to describe best practices for taking physical inventories.
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Physical Inventories
  • Planning
  • Counting Procedures
  • Full Physical vs. Cycle Counts
  • Inventory Held by Third Parties
  • Completeness
  • Book-To-Physical Adjustments
Overhead Allocation
  • Overhead Pool
  • Methodology
Standard Costing
  • Frequency of Cost Updates
  • Bill of Materials
  • Variance Accounts
Common Problems
  • Obsolete/Slow-Moving Inventory
  • Cut-off/In-Transit Inventory
  • Inadequate ERP Systems
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George Guzman Citrin Cooperman
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This webinar is designed for accountants, CPAs, presidents, vice presidents, officers, purchasing managers, COOS, controllers, CFOs, tax managers, business owners, bookkeepers and managers and attorneys.
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