Bookkeeping Basics – Inventory

Every tax preparer and accountant somewhere along the lines needs to have a fundamental basic understanding of bookkeeping in order to ensure they are using the correct numbers when preparing a tax return or otherwise presenting financial information to their client.

Inventory

• Learn the basics of Inventory through a basic overview
• Discover methods of valuing inventory
• Understand the differences between Periodic and Perpetual (or Dynamic) inventory methods
• Learn how to code Inventory transactions using examples of FIFO, LIFO, and AVCO methods
• Understand how a computerized inventory system handles these same transactions