/  Applying Accounting Tools To Inventory Training

Applying Accounting Tools To Inventory Training

BMC Training provides a training course in Applying Accounting Tools To Inventory in Warehouse , Logistics , Supply Chain and Inventory

Course Title
Venue
Start Date
End Date
  • Kuala Lumpur
    4 - 3 - 2018
    15 - 3 - 2018
  • Istanbul
    18 - 3 - 2018
    29 - 3 - 2018
  • Muscat
    4 - 3 - 2018
    15 - 3 - 2018
  • London
    1 - 4 - 2018
    12 - 4 - 2018
  • Dubai
    1 - 4 - 2018
    12 - 4 - 2018
  • Paris
    1 - 4 - 2018
    12 - 4 - 2018
  • Kuala Lumpur
    20 - 5 - 2018
    31 - 5 - 2018
  • Istanbul
    13 - 5 - 2018
    24 - 5 - 2018
  • Muscat
    20 - 5 - 2018
    31 - 5 - 2018
  • London
    17 - 6 - 2018
    28 - 6 - 2018
  • Dubai
    24 - 6 - 2018
    5 - 7 - 2018
  • Paris
    17 - 6 - 2018
    28 - 6 - 2018
  • Kuala Lumpur
    8 - 7 - 2018
    19 - 7 - 2018
  • Istanbul
    1 - 7 - 2018
    12 - 7 - 2018
  • Muscat
    8 - 7 - 2018
    19 - 7 - 2018
  • London
    12 - 8 - 2018
    23 - 8 - 2018
  • Dubai
    19 - 8 - 2018
    30 - 8 - 2018
  • Paris
    12 - 8 - 2018
    23 - 8 - 2018
  • Kuala Lumpur
    23 - 9 - 2018
    4 - 10 - 2018
  • Istanbul
    23 - 9 - 2018
    4 - 10 - 2018
  • Muscat
    23 - 9 - 2018
    4 - 10 - 2018
  • London
    28 - 10 - 2018
    8 - 11 - 2018
  • Dubai
    14 - 10 - 2018
    25 - 10 - 2018
  • Paris
    28 - 10 - 2018
    8 - 11 - 2018
  • Kuala Lumpur
    11 - 11 - 2018
    22 - 11 - 2018
  • Istanbul
    4 - 11 - 2018
    15 - 11 - 2018
  • Muscat
    11 - 11 - 2018
    22 - 11 - 2018
  • London
    23 - 12 - 2018
    3 - 1 - 2019
  • Dubai
    2 - 12 - 2018
    13 - 12 - 2018
  • Paris
    23 - 12 - 2018
    3 - 1 - 2019
  • Kuala Lumpur
    6 - 1 - 2019
    17 - 1 - 2019
  • Istanbul
    27 - 1 - 2019
    7 - 2 - 2019
  • Muscat
    6 - 1 - 2019
    17 - 1 - 2019
  • London
    17 - 2 - 2019
    28 - 2 - 2019
  • Dubai
    10 - 2 - 2019
    21 - 2 - 2019
  • Paris
    17 - 2 - 2019
    28 - 2 - 2019

Introduction

Inventory can be the largest asset that a company owns, and is one of the most complexes to track and value. This presents a risk to the accountant, since an inventory misstatement could be large enough to seriously alter the financial statements. In accounting for Inventory, this course present every issue that the accountant might need in dealing with all situations.

Course Objectives

On completion of this course you should be able to:

  • Gain a wide knowledge of counting systems, cost layering, standard costing, overhead allocation, the lower of cost or market rule, disclosures, transfer pricing, budgeting, and measurements.
  • Understand how to improve inventory record accuracy, assign costs to inventory, and set up a complete system of Inventory controls.  
  • Apply methods and techniques to create and maintain a comprehensive system of inventory accounting.
  • List the various types of accounting activities that relate to it.
  • Decide which of the accounting activities are actually needed.

Course Outline

Overview of Inventory

  • The Definition of Inventory
  • Accounting for Inventory
  • Inventory Transactions
  • Inventory in a Push Environment
  • Inventory in a Pull Environment
  • Periodic and Perpetual Inventory Systems

Inventory Record Accuracy

  • Inventory record errors
  • Environmental and employee factors impacting record accuracy
  • Inventory data collection methods
  • The data entry blocklog problem
  • Back flushing
  • Controls over record accuracy
  • Inventory review reports
  • Inventory Auditing
  • The corrective action system

Inventory Counting and Reconciliation

  • How to set up inventory record keeping
  • The physical inventory count
  • Concerns about the physical inventory count
  • Physical Count improvements
  • Cycle Counting
  • Control Group Analysis
  • 100% Count Analysis
  • Inventory Reconciliation

Estimating Ending Inventory

  • The Gross Profit method
  • The Retail Inventory method
  • The Effect of Overstated ending inventory

Standard Costing of Inventory

  • How to create a standard cost
  • Historical, Attainable, and Theoretical Standards
  • How to account for standard costs
  • Overview of variances
  • Types of variances
  • Problems with variance analysis
  • Which variances to report and how to report them.

Process Costing

  • Overview of process costing
  • The weighted average method
  • The standard costing method
  • The First In, First Out method
  • The Hybrid Costing system
  • Process costing journal entries
  • Problems with process costing

Inventory Spoilage, Rework, and Scrap

  • Definition of Spoilage
  • Accounting for Normal, Abnormal Spoilage
  • Cost allocation of Spoilage
  • Definition of Rework
  • Reporting and accounting for Rework
  • Definition and accounting for scrap

Inventory Transactions

  • Types of inventory transactions
  • Lower of cost or market adjustments
  • Obsolete inventory adjustments
  • Overhead allocation transactions
  • Physical count adjustments
  • Receiving transactions
  • Sale transactions
  • Scrap and spoilage adjustments

Inventory Transfer Pricing

  • Market price basis for transfer pricing
  • Adjusted market price basis
  • Negotiated basis
  • Cost plus basis
  • Cost Anomalies
  • Pricing problems caused by transfer pricing
  • The tax impact

Inventory Policies

  • Types of inventory policies
  • Lower of cost or market updates
  • Obsolete inventory updates
  • Bill and Hold Policy
  • Collection Take-Back Policy

Inventory Budgeting

  • The production budget
  • Other production budget issues
  • Budgeting for multiple products
  • Ending inventory concepts

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