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.
- 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