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GAAP: Accounting for Inventory - Webinar (Recorded)

  • Webinar

  • 60 Minutes
  • February 2018
  • Compliance Online
  • ID: 4899725
Why Should You Attend:

The primary authoritative guidance related to inventory is FASB Accounting Standards Codification (ASC) 330, Inventory. The basic objective of inventory accounting is to identify, on a consistent basis, costs applicable to goods on hand at the end of the period and costs that should be included in the cost of goods sold for the period.

This webinar will explore the specific issues in meeting this objective include determining: (a) what items should be included in inventory; (b) what expenditures should be included in inventory costs; (c) which cost method should be used; and (d) how recognition should be given to the lack of recoverability of inventory costs.

Areas Covered in the Webinar:

Costs to include in inventory
Inventory cost methods
Inventory valuation
LIFO reserve
LIFO liquidation
Dollar value LIFO
Subsequent measurement issues
Quantitative examples


Candace Leuck, CPA, is the president of Athena Finance Group, where she specializes in strategic planning, distressed entity recovery, valuations, and educational programs. Before that, Ms. Leuck worked as a manager at Ernst & Young and taught courses at Clemson University’s School of Accountancy and Legal Studies, Furman University, and The University of North Carolina at Greensboro. Ms. Leuck earned her Master of Professional Accountancy (Audit Emphasis) from Clemson University.