Course Description

The accounting for inventory under the FIFO, LIFO, and weighted-average valuation methods can produce drastically different results. While many companies elect FIFO for simplicity purposes, the LIFO method can offer some benefits, including tax savings during inflationary periods.  

In this webinar, Matthew Briggson, CPA will walk through the accounting for inventory under ASC 330 while considering standard costs and cost variances. He will also walk through detailed examples of valuing inventory under each method, while discussing advantages and disadvantages to consider. This webinar will also explain the financial reporting and tax implications to consider under each method. 

Learning Objectives

• Identify the accounting and reporting treatment for inventory valuations using the FIFO, LIFO, and weighted-average methods.
• Recognize the accounting treatment of standard costs and cost variances under ASC 330.
• Discover key differences in valuing inventory under the FIFO and LIFO methods.

Prerequisites

• Basic understanding of accounting for inventory valuations under U.S. GAAP or IFRS.

Who Should Attend

CPAs, accounting, and finance professionals interested in the accounting for inventory under the FIFO or LIFO methods.