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Accounting for Inventory

Wednesday, 12 December 2018  10:00 AM PST, 01:00 PM EST

Training Duration = 90 min                  Sponsored by Online Compliance Panel

Click Here to register $200.00

Click Here to register and receive CD recording $400.00

For manufacturers and retailers inventory is one of the most valuable assets on the balance sheet. The cost of inventory is one of the largest expenses on the income statement.

Practitioners and members in industry will benefit from this webcast's comprehensive guidance on inventory accounting issues.

Learning Objectives:

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

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. The specific issues in meeting this objective include determining:
  • What items should be included in inventory
  • What expenditures should be included in inventory costs
  • Which cost method should be used; and
  • How recognition should be given to the lack of recoverability of inventory costs

Instructor

Candace Leuck is owner of Athena Finance Group, Inc. specializing in strategic planning, distressed entity recovery, valuations, and educational programs. Athena's mission is to pursue and communicate the information clients need. This is accomplished through a cooperative working relationship. Based on solid strategy, the outcome is an expansion of the opportunities of those served.

Candace was associated with Ernst & Young in the tax and then auditing area, serving small, midsized and SEC clients during her tenure. She gained significant experience with various industries including manufacturers, automobile dealerships and securities brokers.

Upon leaving Ernst & Young, Candace pursued and obtained her Masters of Professional Accountancy from Clemson University and proceeded to her career in the educational arena, teaching at Clemson University, Furman University, and the University of North Carolina at Greensboro. She returned to Clemson in the Fall of 2006 and remained through Spring of 2012.

In addition to undergraduate and graduate education, Candace has developed and taught various continuing education courses in both live format and through webcast technology.