19 - 23 May 2025
Kuala Lumpur (Malaysia)
Hotel : Royale Chulan Kuala Lumpur
Cost : 5250 € Euro
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.
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.
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.
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.
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