Accounting for Inventory: Second Edition

Author: Steven Bragg

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Book Description
The inventory asset is difficult to track and assign a cost to, and so represents a significant source of financial statement errors. Accounting for Inventory presents every issue that the accountant needs to create and maintain a comprehensive system of inventory accounting. Topics covered include inventory counting systems, cost layering, standard costing, overhead allocation, the lower of cost or market rule, disclosures, transfer pricing, budgeting, measurements, and much more. [238 pages]

Table of Contents

Chapter 1. Overview of Inventory

Part I - Inventory Record Keeping
Chapter 2. Periodic and Perpetual Inventory Systems
Chapter 3. Inventory Record Accuracy
Chapter 4. Inventory Counting and Reconciliation

Part II - Inventory Costing
Chapter 5. Estimating Ending Inventory
Chapter 6. Inventory Cost Layering
Chapter 7. Standard Costing of Inventory
Chapter 8. Job Costing
Chapter 9. Process Costing
Chapter 10. Overhead Allocation

Part III - Additional Inventory Accounting
Chapter 11. Obsolete Inventory
Chapter 12. The Lower of Cost or Market Rule
Chapter 13. Inventory Spoilage, Rework, and Scrap
Chapter 14. Joint and By-Product Costing
Chapter 15. Inventory Disclosures
Chapter 16. Inventory Transactions

Part IV - Related Inventory Topics
Chapter 17. Internal Revenue Code for Inventory
Chapter 18. Inventory Transfer Pricing
Chapter 19. Inventory Controls
Chapter 20. Fraudulent Inventory Transactions
Chapter 21. Inventory Policies
Chapter 22. Inventory Budgeting
Chapter 23. Inventory Measurements