December 22, 2025


Vendor Webinar


4 CPE

Surgent's Mastering the Basics of Inventory Accounting

December 22, 2025
Vendor Webinar
4 CPE

Surgent's Mastering the Basics of Inventory Accounting

Learning Objectives

  • Recall the elements of inventory cost for book and income tax accounting purposes
  • Apply inventory valuation methodologies to various types of inventory
  • Determine reserve methodologies for inventory obsolescence
  • Determine appropriate inventory observation approaches
  • Recall issues related to consignment inventory

Major Topics

  • Elements of inventory cost and full-absorption costing
  • Valuation methodologies, including LIFO, FIFO, weighted average, and specific identification
  • Obsolescence reserves
  • LIFO accounting
  • Differences between book and tax cost capitalization and related income tax accounting
  • Retail inventory valuation methodology
  • Physical inventory observation approaches
  • Accounting issues related to consigned inventory
  • Other challenging issues related to inventory accounting

CPE Credits Available

4 CPE
4
Accounting&Auditing

Things to Know About This Course

Course Level

  • Basic

Prerequisites

Experience in accounting and attestation

Advanced Preparation

None

Intended Audience

Accounting and auditing practitioners at all levels desiring to develop a detailed understanding of inventory accounting

Provider

Surgent

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