Many companies have inventory recorded in their financial statements. Inventory is the portion of their business assets that will be (or already are) ready for resale. But how are inventories reported in accordance with U.S. GAAP? In this CPE-eligible, eLearning course (1.0 CPE) we discuss the accounting for inventories in accordance with ASC 330 Inventory. In this online course you learn what is included in the cost of inventory, including how to calculate the total cost. We discuss the measurement of inventories using the first in-first out (FIFO), last in-first out (LIFO), and other methodologies. This online course also covers what happens when the net realizable value is less than the cost of the inventories recorded in the financial statements (i.e., inventory obsolescence). Basically, if it relates to inventories, we cover it in this online course!