Inventory: Overview of ASC 330

Many companies have inventory recorded in their financial statements. Inventory is the portion of their business assets that will be (or already are) ready for resale. But how are inventories reported in accordance with U.S. GAAP? In this CPE-eligible, eLearning course (1.0 CPE) we discuss the accounting for inventories in accordance with ASC 330, Inventory. In this online course you learn what is included in the cost of inventory, including how to calculate the total cost. We discuss the measurement of inventories using the first in-first out (FIFO), last in-first out (LIFO), and other methodologies. This online course also covers what happens when the net realizable value is less than the cost of the inventories recorded in the financial statements (i.e., inventory obsolescence). Basically, if it relates to inventories, we cover it in this online course!

Topics covered in this Overview of ASC 330 CPE course include:

• What is inventory according to ASC 330?
• Inventory costs
• Measurement of inventory, including FIFO, LIFO, and other methodologies
• Other considerations under ASC 330

If you are an accountant or auditor who needs to get up to speed in the U.S. GAAP requirements for accounting for inventory, this course is for you! Its easy to understand and full of practical examples and insights. And with GAAP Dynamics, you know it will be fun!

Interested in group discounts for your team? Contact us to learn more.

 By the end of this course, you should be able to: 

• Recall the various classifications of inventory  
• Identify costs that should be capitalized and how inventory measurement principles are required to be applied 
• Recall other important accounting considerations for inventory