Course description

We cover inventory costs and cost flows, including what is included in the cost of inventory and how to account for inventory freight costs, inventory insurance costs, and discount. We also discuss inventory flow assumptions including specific identification, first in first out (FIFO), last in first out (LIFO), and weighted average methods. FIFO, LIFO and weighted average methods will be discussed using both a periodic inventory system and a perpetual inventory system. 

In addition to instructional video, this course will include downloadable

  • Downloadable PDF Files
  • Excel Practice Files
  • Multiple Choice Practice Questions
  • Short Calculation Practice Questions
  • Discussion Questions


The PDF files allow us to download reference information we can use offline and as a guide to help us work through the material.

Excel practice files will be preformatted so that we can focus on the adjusting process and learning some of the basics of Excel, like addition, subtraction, and cell relationships.

Multiple choice example question helps us improve our test-taking skills by reducing the information into the size and format of multiple choice questions and discussing how to approach these questions.

Short calculation questions help us reduce problems that have some calculation down to a short format that could be used in multiple choice questions.

Discussion Question will provide an opportunity to discuss these topics with the instructor and other students, a process many students find very helpful because it allows us to see the topic from different viewpoints.

Who will we be learning from?

You will be learning from somebody who has technical experience in accounting concepts and in accounting software like QuickBooks, as well as experience teaching and putting together curriculum.

You will be learning from somebody who is a:

  • CPA – Certified Public Accountant
  • CGMA – Chartered Global Management Accountant
  • Master of Science in Taxation
  • CPS – Certifies Post-Secondary Instructor
  • Curriculum Development Export


As a practicing CPA the instructor has worked with many technical accounting issues and helped work through them and discuss them with clients of all levels.

As a CPS and professor, the instructor has taught many accounting classes and worked with many students in the fields of accounting, business, and business applications.

The instructor also has a lot of experience designing courses and learning how students learn best and how to help students achieve their objectives. Experience designing technical courses has also benefit in being able to design a course in a logical fashion and deal with problems related to technical topics and the use of software like QuickBooks Pro.

Who is the target audience?

  • Accounting students
  • Business owner
  • Anyone who whats to learn accounting

Course curriculum

  • 3
    Inventory Cost, Principles, and Perpetual vs Periodic Inventory Systems
  • 4
    Periodic System First In First Out (FIFO)
  • 5
    Periodic System Last In Last Out (LIFO)
    • 5 Periodic System Last In First Out (LIFO) FREE PREVIEW
    • PDF - 44 Last In First Out LIFO Periodic
    • 44 Last In First Out LIFO Periodic
    • Download Excel Worksheet
    • 20 Worksheet Last In First Out (LIFO) Periodic System
    • Multiple Choice 2 - Inventory Cost
    • Discussion Question
    • Accounting Comic Break
  • 6
    Periodic Weighted Average Method
    • 6 Periodic Weighted Average Method FREE PREVIEW
    • PDF - 46 Weighted Average Periodic System
    • 46 Weighted Average Periodic System
    • Download Excel Worksheet
    • 30 Worksheet Weighted Average Periodic System
    • Multiple Choice 3 - Inventory Cost
    • Discussion Question
    • Accounting Comic Break
  • 7
    Perpetual System Fist In First Out (FIFO)
    • 7 Perpetual System First In First Out (FIFO) FREE PREVIEW
    • PDF - 50 600 First In First Out FIFO Explained
    • 50 600 First In First Out FIFO Explained
    • Excel Worksheet
    • 40 600.10 Inventory Cost Problem First In First Out part 1 Ex.%2C how to calculate
    • 50 600.20 Inventory Cost Problem First In First Out part 2 Ex.%2C how to calculate-Accounting%2C Financial
    • Multiple Choice 4 - Inventory Cost
    • Discussion Question
    • Accounting Comic Break
  • 8
    Perpetual System Last In First Out (LIFO)
    • 8 Perpetual System Last In First Out LIFO FREE PREVIEW
    • PDF 60 600 Last In First Out LIFO Inventory Method Explained
    • 60 600 Last In First Out LIFO Inventory Method Explained
    • Excel Worksheet Download
    • 60 600.50 Cost Problem Last In First Out LIFO part 1 Ex.%2C how to calculate-Accounting%2C Financial
    • 70 600.60 Cost Problem Last In First Out LIFO part 2 Ex.%2C how to calculate-Accounting%2C Financial
    • Multiple Choice 5 Inventory Cost
    • Discussion Question
    • Accounting Comic Break
  • 9
    Perpetual System Weighted Average Method
    • 9 Perpetual System Weighted Average Method FREE PREVIEW
    • PDF - 70 600 Average Inventory Method Explained
    • 70 600 Average Inventory Method Explained
    • Excel Worksheet
    • 80 600.30 Inventory Cost Problem Average method Part 1 Ex.%2C how to calculate-Accounting%2C Financial
    • 90 600.40 Inventory Cost Problem Average method Part 2 Ex.%2C how to calculate
    • Multiple Choice 6 Inventory Cost
    • Accounting Comic Break
  • 10
    Definitions & Key Terms
    • 10 Definitions & Key Terms
    • Interim Financial Statements Definition - What are Interim Financial Statements%3F
    • Inventory Turnover Definition - What is Inventory Turnover%3F
    • Last in First Out LIFO Definition - What is Last in First ou
    • Lower of Cost or Market Definition - What is Lower of Cost o
    • Net Realizable Value Definition - What is Net Realizable Val
    • Retail Inventory Method Definition - What is Retail Inventory Method%3F
    • Specific Identification Definition - What is Specific Identi
    • Weighted Average Definition - What is Weighted Average Metho
    • Average Cost Definition - What is Average Cost%3F
    • Conservatism Constraint Definition - What is Conservatism Co
    • Consignee Definition - What is Consignee%3F
    • Consignor Definition - What is a Consignor%3F
    • Consistency Concept Definition - What is Consistency Concept
    • Days Sales in Inventory Definition - What is days sales in i
    • First in First out Definition FIFO - What is First in First
    • Gross Profit Definition - What is Gross Profit%3F (1)
    • 10 Definitions & Key Terms
    • Accounting Comic Break
  • 11
    Comprehensive Problem
    • 11 Comprehensive Problem
    • Excel Download
    • 1 Accounting%2C Financial - Comp Problem Merchandising Co Journal Entries Part 1
    • 2 Accounting%2C Financial - Comp Problem Merchandising Co Journal Entries Part 2 (1)
    • 3.5 Accounting%2C Financial - Comp Problem Merchandising Co Journal Entries Part 3.5
    • 4 Accounting%2C Financial - Comp Problem Merchandising Co %282%29. Journal Entries Part 4
    • 5 Accounting%2C Financial - Comp Problem Merchandising Co. Journal Entries Part 5
    • 6 Comp Problem Merchandising Co. Adjusting Entries Part 6
    • 7 Accounting%2C Financial - Comp Problem Merchandising Co. Adjusting Entries Part 7
    • 8 Accounting%2C Financial - Comp Problem Merchandising Co. Financial Statements Part 8
    • 9 Accounting%2C Financial - Comp Problem Merchandising Co. Financial Statements Part 9
    • 10 Accounting%2C Financial - Comp Problem Merchandising Co. Financial Statements Part 10
    • 11 Accounting%2C Financial - Comp Problem Merchandising Co. Financial Statements Part 11
    • 12 Accounting%2C Financial - Comp Problem Merchandising Co. Closing Entries Part 12 (1)
    • 13 Accounting%2C Financial - Comp Problem Merchandising Co. Closing Entries Part 13
    • Accounting Comic Break

Meet your instructor!

Robert (Bob) Steele
CPA, CGMA, M.S. Tax, CPI


Through working with students from many different schools, Mr. Steele has learned best practices for helping people understand accounting fast. Learning new skills and finding the best way to share knowledge with people who can benefit from it is a passion of his.  

Mr. Steele has experience working as a practicing Certified Public Accountant (CPA), an accounting and business instructor, and curriculum developer. He has enjoyed putting together quality tools to improve learning and has been teaching, making instructional resources, and building curriculum since 2009. He has been a practicing CPA since 2005. Mr. Steele is a practicing CPA, has a Certified Post-Secondary Instructor (CPI) credential, a Master of Science in taxation from Golden Gate University, a Bachelor’s Degree in Business Economics with an emphasis in accounting from The University of California Santa Barbara, and a Global Management Accounting Designation (CGMA) from The American Institute of CPA (AICPA).  

Mr. Steele has also authored five books that can be found on Amazon or in audiobook format on Audible. He has developed bestselling courses in accounting topics including financial accounting and QuickBooks accounting software.  

In addition to working as an accountant, teaching, and developing courses Mr. Steele has helped create an accounting website at accountinginstruction, a YouTube channel called Accounting Instruction, Help, and How Too, and has developed supplemental resources including a Facebook Page, Twitter Page, and Podcasts that can be found on I-tunes, Stitcher, or Soundcloud. Mr. Steele's teaching philosophy is to make content applicable, understandable, and accessible.  

Adult learners are looking for application when they learn new skills. In other words, learners want to be able to apply skills in the real world to help their lives. Mr. Steele’s formal accounting education, practical work experience, and substantial teaching experience allow him to create a curriculum that combines traditional accounting education with practical knowledge and application. He accomplishes the goals of making accounting useful and applicable by combining theory with real-world software like Excel and QuickBooks.  

Many courses teach QuickBooks data entry or Excel functions but are not providing the real value learners want. Real value is a result of learning technical skills like applications, in conjunction with specific goals, like accounting goals, including being able to interpret the performance of a business.  

Mr. Steele makes knowledge understandable by breaking down complex concepts into smaller units with specific objectives and using step by step learning processes to understand each unit. Many accounting textbooks cram way too much information into a course, making it impossible to understand any unit fully. By breaking the content down into digestible chunks, we can move forward much faster.  

Mr. Steele also makes use of color association in both presentations and Excel worksheets, a learning tool often overlooked in the accounting field, but one that can vastly improve the speed and comprehension of learning accounting concepts.  

The material is also made understandable through the application of concepts learned. Courses will typically demonstrate the accounting concepts and then provide an Excel worksheet or practice problems to work through the concepts covered. The practice problems will be accompanied by an instructional video to work through the problem in step by step format. Excel worksheets will be preformatted, usually including an answer tab that shows the completed problem, and a practice tab where learners can complete the problem along with a step by step presentation video.  

Take this course today!

"Inventory Cost Flow Assumptions FIFO, LIFO, Weighted Average, & Specific Identification"

Bundle including this course!