IVMU
THE INVENTORY COURSE --
VALUATIONS, METHODS, AND UNIFORM CAPITALIZATION
The purpose of this
course is to provide an analysis of the various aspects involved in selecting
a method of valuing inventory for all types of businesses. Practical examples
and charts will illustrate the important concepts of this complex area
of financial and tax reporting.
Major topics
include:
- Understanding the
differences between GAAP inventory and tax inventory in all methods
- Method of Valuation
of Inventory at Cost: Record keeping, change in method of accounting,
impermissible methods and correction of errors
- Dealing with subnormal
goods, abnormal goods, excess stock, and valuation below cost
- A full chapter
devoted to Uniform Capitalization of Inventory
- Understanding LIFO
and its various methods including Specific Goods Method and an in-depth
discussion of Dollar-Value LIFO
- Issues dealing
with the transfer of inventory due to acquisition of businesses
Level
of knowledge: Basic
Field
of study: Taxes (4) Accounting (4)
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