Bookkeeping Basics – Inventory


Every tax preparer and accountant somewhere along the lines needs to have a fundamental basic understanding of bookkeeping in order to ensure they are using the correct numbers when preparing a tax return or otherwise presenting financial information to their client.


  • Learn the basics of Inventory through a basic overview
  • Discover methods of valuing inventory
  • Understand the differences between Periodic and Perpetual (or Dynamic) inventory methods
  • Learn how to code Inventory transactions using examples of FIFO, LIFO, and AVCO methods
  • Understand how a computerized inventory system handles these same transactions
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