Description
Description: This lab-style program is built for entities that hold inventory and need to be ready for detailed audit procedures. It begins by reviewing how your costing method (FIFO, weighted average, standard cost, or specific identification) impacts audit documentation. You will learn how to prepare inventory roll-forward schedules that reconcile opening balances, purchases, production, and closing stock. The lab shows how to link item listings to the general ledger and trial balance. You will receive guidance on organizing purchase records, production reports, and bill-of-materials support. A dedicated unit focuses on preparing for physical inventory counts and documenting count instructions. Templates are included for variance analysis between book inventory and count results. Examples demonstrate how to document obsolete or slow-moving inventory and related write-downs. You will also learn how to present key inventory KPIs to provide context during audit discussions. By finishing this lab, your inventory and costing support will be clearer, better structured, and easier for auditors to test. Format: Pre-recorded walkthrough videos, inventory reconciliation templates, count preparation checklists, and costing method worksheets. Duration: Roughly 3 hours of lessons plus flexible time to apply the lab to your own inventory data. What You’ll Learn: How to document inventory balances, support costing methods, prepare for physical counts, and address obsolescence. Target Audience: Cost accountants, inventory managers, finance teams in trading, manufacturing, or distribution businesses preparing for audits.
