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Overview
Accurate inventory accounting is vital to every company that has a significant proportion of its assets in inventory. It can also be one of the most difficult tasks faced by the accounting department. Accurate inventory valuation requires excellent inventory tracking systems, warehouse layouts, and cycle counting procedures, as well as detailed cost accumulation systems. In addition, generally accepted accounting principles (GAAP) contain a number of requirements for the proper treatment of inventory valuation. In Inventory Accounting, bestselling author Steven Bragg culls his decades of experience to help CFOs, controllers, accounting managers, and cost accountants track, cost, report, and budget their inventory with great success.Inventory Accounting provides professionals with a wellspring of essential day-to-day information, including: How to use coding, wireless data transmission, radio frequency identification, document imaging, and electronic data interchange to collect inventory data, How to flow inventory through basic manufacturing, manufacturing resources planning, and just-in-time systems, Sixty-eight unique inventory controls in such areas as in-transit inventory, inventory storage, obsolete inventory, and inventory transactions, How to recognize eighteen types of inventory fraud, A variety of measurements, forms, and reports for determining the status of inventory levels and related systems, A successful budgeting process for raw materials, work-in-process, and finished goods inventories, How to use a number of inventory cost layering systems, including FIFO, LIFO, dollar value LIFO, link-chain, and weighted average methods, How to apply lower of cost, or market rule, Coverage of overhead cost pools and how to apply those costs to inventory (including activity-based costing), Various cost allocation and pricing methodologies for inventory designated as joint products or by-products, How to locate, dispose of, and account for obsolete inventory, How to create an inventory tracking system and conduct periodic physical counts and cycle counts.
An expansive compendium of inventory-related information, Inventory Accounting is a one-stop resource for everything pertaining to the proper accounting treatment of inventory, as well as the best practices for organizing a warehouse and conducting inventory counts.
Synopsis
Having been the chief financial officer of four companies and consultant with two accounting firms, Bragg says he answers herein just about every inventory-related question an accountant could ask. He addresses data entry for inventory transactions, tracking inventory through different types of manufacturing environments, key control points and related fraud problems, several dozen measurements, several report formats, budgeting for inventory, and inventory valuation. Annotation ©2005 Book News, Inc., Portland, OR