Finance and Accounting

Training Course: Inventory Accounting and Costing


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FI1980

24 - 28 Jun 2024

Amsterdam (Netherlands)

Hotel : Grand Hotel Amrâth Amsterdam

Cost : 5250 € Euro

Introduction:

Welcome to the training program on "Inventory Accounting and Costing," designed by Global Horizon Training Center. This program aims to provide participants with a comprehensive understanding of inventory accounting principles and costing methods. By the end of this training, participants will be equipped with the knowledge and skills necessary to effectively manage inventory-related financial transactions and make informed decisions related to inventory valuation.

 

Objectives:

  • Understand the fundamental principles of inventory accounting.

  • Gain knowledge of various inventory costing methods and their implications.

  • Learn how to calculate and record inventory costs accurately.

  • Develop proficiency in analyzing inventory-related financial statements.

  • Acquire skills to evaluate inventory turnover and optimize inventory levels.

  • Explore strategies for managing inventory-related risks and challenges.

 

Methodology:

The training program will utilize a combination of interactive lectures, case studies, group discussions, practical exercises, and hands-on activities. Real-world examples and scenarios will be provided to enhance participants' understanding of inventory accounting and costing concepts. Participants will also have the opportunity to engage in discussions and share experiences to enrich their learning.

 

Target Audience:

This training program is designed for accounting and finance professionals, inventory managers, supply chain managers, and individuals involved in inventory management and financial reporting. It is suitable for both beginners seeking a solid foundation in inventory accounting and costing and experienced professionals looking to enhance their knowledge and skills in this area.

 

Outlines:

Day 1:

Introduction to Inventory Accounting

  • Overview of inventory management and its significance

  • Types of inventory and their characteristics

  • Principles and concepts of inventory accounting

  • Financial reporting requirements for inventory

 

Day 2:

Inventory Costing Methods

  • First-In, First-Out (FIFO) method

  • Last-In, First-Out (LIFO) method

  • Weighted Average Cost method

  • Specific Identification method

  • Comparison of costing methods and their impact on financial statements

 

Day 3:

Inventory Valuation and Cost Calculation

  • Determining the cost of purchases and production

  • Including overhead costs in inventory valuation

  • Evaluating inventory obsolescence and impairment

  • Lower of Cost or Net Realizable Value (LCNRV) concept

  • Recording inventory costs and valuation adjustments

 

Day 4:

Analysis of Inventory Financial Statements

  • Understanding inventory-related financial ratios

  • Interpreting balance sheet and income statement components

  • Assessing inventory turnover and days' sales in inventory

  • Analyzing cost of goods sold and gross profit margin

  • Identifying inventory-related risks and challenges

 

Day 5:

Inventory Management and Optimization

  • Inventory control techniques and strategies

  • Economic Order Quantity (EOQ) model

  • Just-in-Time (JIT) inventory management

  • ABC analysis for inventory categorization

  • Strategies for reducing excess and obsolete inventory

Finance and Accounting

Training Course: Inventory Accounting and Costing


Register Now
Quick Inquiry
Discount Group Download Brochure (6)

FI1980

24 - 28 Jun 2024

Amsterdam (Netherlands) - Grand Hotel Amrâth Amsterdam

Hotel : Grand Hotel Amrâth Amsterdam

Cost: 5250 € Euro


  About Amsterdam

Amsterdam, capital of the Netherlands, is a popular destination amongst travelers from all around the world. Once just a little fishing village, Amsterdam is now a major international city after having become an important port during the 1600s. Throughout its history, the city has had many famous residents, including artists, philosophers and other historical figures. There is much to discover along Amsterdam's quaint streets and picturesque canals. So much so that a flight to Amsterdam comes with a guarantee of cultural and historical attractions that will provide memories to last a lifetime. Amsterdam is a hotbed of culture for travelers of all ages and tastes.


  Things to do and places to visit in Amsterdam

From the moment passengers step off their flight to Amsterdam, they will find it a friendly city with a lively atmosphere. Its flat geography means that it is perfect for exploring by bicycle. If you're feeling less active, it the city is also well-served by public transport. The so-called Venice of the North has something for every visitor. Culture vultures have museums, galleries and theaters to see, Families can visit the zoo or the Science Center NEMO.

When visiting Amsterdam, be sure to:

  • See the picture-perfect and colorful houses of the Grachtengordel district.
  • See the iconic works of one of Holland's most famous artists at the Van Gogh Museum.
  • Visit the house where Anne Frank and her family hid from the Nazis.
  • Browse through the extensive collection of fantastic art in the Rijksmusem.
  • Wander through the blaze of colors that is the Singel Flower Market.
  • See the city at a leisurely pace on a canal cruise.
  • Marvel at one of the city's many historic churches.
  • Learn about life aboard a ship at the National Maritime Museum.
  • Discover the Begijnhof's well-preserved medieval architecture.
  • See animals of all kinds, as well as the butterfly pavilion and aquarium, at the Artis Zoo.
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