- NY Credits : 1.0
- TX Credits : 1.0
- IRS Enrolled Agent Credits : Federal Tax/Tax Related Matters - 1.0
There are two special considerations in determining the cost of goods sold: the method(s) used for the valuation of beginning and ending inventories, and the capitalization into inventory and cost of goods sold of costs incurred in the production or acquisition and resale of property per IRC Sec 263A. This program deals with these topics and how they factor into Form 1125-A, Cost of Goods Sold.
This course is most appropriate for the professional with detailed knowledge in Form 1120 who may be at a mid-level position within an organization with operational or supervisory responsibilities, or both.
Upon successful completion of this course, the user should be able to:
identify the special considerations in determining cost of goods sold,
recognize the proper application of the LIFO method,
determine which costs incurred in the production or acquisition of property are subject to the uniform capitalization rules, and
determine how cost of goods sold is reported on Form 1125-A of Form 1120.