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How does a company gather information about its inventory?
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Home PDU for the PMP® / Technical

How does a company gather information about its inventory?

USD 10.00
instructor
Instructor
Alan Fata
Category
Technical
Difficulty
Easy
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Course Highlight Curriculum Course Content Take The Test
Learning Objectives:
  1. Understand that inventory is recorded initially at its historical cost.
  2. Provide the guiding rule for identifying expenditures and other costs that must be capitalized in the reporting of inventory.
  3. Explain the rationale for offering a cash discount for payments made within a specified period of time as well as the accounting for such cost reductions.
  4. Identify the attributes as well as both the advantages and disadvantages of a perpetual inventory system.
  5. Identify the attributes as well as both the advantages and disadvantages of a periodic inventory system.
  6. Provide journal entries for a variety of transactions involved in the purchase of inventory using both a perpetual and a periodic inventory system.
  7. Explain the meaning of the FOB point in connection with an inventory purchase and its impact on the recording of the transaction.
  8. Identify the time at which cost of goods sold is computed in a perpetual inventory system as well as the recording made at the time of sale.
  9. Identify the time at which cost of goods sold is computed in a periodic inventory system as well as the recording made at the time of sale.
  10. Provide the computation used in a periodic inventory system to derive cost of goods sold along with the adjusting entry necessary to enter the appropriate balances into the accounting system for each period.
  11. Understand the necessity of taking a physical inventory count.
  12. Explain the need for reporting inventory at the lower-of-cost-or-market.
  13. Differentiate between a problem caused by a drop in the purchase value of inventory and one coming from the sales value of the merchandise.
  14. Understand the difference in applying the lower-of-cost-or-market rule under U.S. GAAP and IFRS.
  15. Understand the necessity of taking a physical inventory even in a perpetual inventory system.
  16. Estimate the amount of inventory on hand using historic gross profit percentages and identify the situations when this computation might be necessary.

Other course details:
  1. This is an introductory course that does not require any prerequisite.
  2. This course can be taken on a standalone basis.
  3. This course is chapter 8 in the book titled "Financial Accounting".
  4. It provides 3 PDUs towards your PMP professional development education.
Course Features
Credits:
2 PDU
Skill Section:
Technical
Access:
Lifetime
Test Questions:
15
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