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FIFO Archives - SkillAbility

CPA staff accountants building a review-ready ASC 330 inventory accounting file by tracing ownership, cutoff, physical quantities, landed and manufacturing cost, shrinkage, lower-of-cost testing, obsolescence, reconciliation, cost of goods sold, and financial statement reporting

26 Aug

Inventory Accounting Training for Staff Accountants: Costing, Cutoff, Reconciliation, and Obsolescence

By Vincent Howard, CPA | Managing Partner, Howard, Howard and Hodges | SkillAbility for Accounting Firms Last updated: August 26, 2026 | 38-minute read TL;DR — The Short Answer Inventory accounting training should teach staff to prove ownership, quantity, unit cost, cutoff, recoverability, and reconciliation—not simply accept the perpetual inventory report and book a year-end

FIFO Archives - SkillAbility

Inventory Accounting Training for Staff Accountants: Costing, Cutoff, Reconciliation, and Obsolescence

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