What you'll get
  • 5+ Hours
  • 1 Courses
  • Course Completion Certificates
  • Self-paced Courses
  • Technical Support
  • Case Studies

Synopsis

  • Inventory control manages stock to meet organizational needs and minimize costs.
  • Determining optimal inventory levels ensures the right quantity of stock is maintained at all times.
  • The Economic Order Quantity (EOQ) determines the most cost-effective order quantity for inventory replenishment.
  • ABC analysis classifies inventory by value and significance to prioritize management.
  • The procurement process defines the steps to acquire materials efficiently and on time.
  • Proper inventory valuation requires accurate pricing for issued materials and on-hand stock.
  • Just-In-Time (JIT) inventory reduces holding costs by acquiring stock only as needed.

Content

Courses No. of Hours Certificates Details
Inventory Management Tutorials4h 51m✔View Curriculum

Description

This course offers a foundational overview of inventory management, presenting key concepts and terminology with practical examples and illustrations to support understanding.
Inventory refers to any resource or asset held by an organization, whether in manufacturing or service sectors, that can generate future economic benefits.
These assets may be:
  • Held for sale as part of regular business operations.
  • Used in the production of goods for sale.
  • Maintained as raw materials or consumable supplies to support production or service delivery.
Inventories include finished products ready for sale as well as materials and supplies used or transformed during production or service delivery. Both manufacturers and service providers maintain inventories as part of their operations.
Inventories are generally categorized into three main types:
  • Raw Materials: Basic goods acquired for conversion into finished products.
  • Work-In-Progress: Items that have entered the production process but are not yet completed.
  • Finished Goods: Items that have completed the production process and are ready for sale.

Requirements

  • Master fundamental accounting concepts and key terminology.
  • Explore standard financial statements and bookkeeping concepts.
  • Demonstrate an interest in learning about inventory management systems, inventory valuation methods, and related business processes.
  • Apply hands-on examples and real-world case studies to strengthen your comprehension.

Target Audience

  • Professional accountants who want to improve their inventory management skills.
  • Cost accountants are looking to optimize stock and production costs.
  • Tax consultants interested in inventory valuation and compliance requirements.
  • Students pursuing studies in finance, accounting, or business management.