On-Demand: 2022 December Solutions Room - Alternative Ending Inventory Valuation Methods
Course Description
How does your local family-owned restaurant calculate their ending inventory without the financial resources to purchase sophisticated tracking hardware? In this course we detail issues small businesses face with valuing ending inventory using traditional methods such cost, lower of cost/market, and retail method and offer alternative solutions as well. Additionally, we will cover some tax implications and strategies of using these alternative methods.
Learning Objectives
- Refresher on what is included in inventory vs. supplies.
- Understand traditional ending inventory valuation methods, pros/cons, and which industries may benefit.
- Introduce and offer alternative valuation methods.
Presenters
Frank S. Lin, EA, MBA, CPA
Frank is a Tax accountant and partner at Jet Tax Service Inc, a privately owned accounting firm located in Queens New York City. He is an Enrolled Agent and a Certified Public Accountant with an MBA from CUNY Baruch College. In addition to working at Jet Tax Service Inc, he has taught as an adjunct professor at Baruch College and has presented for both the AICPA and NYSSEA. He is happily married with two beautiful daughters, Mira and Cara.
Frank is a Tax accountant and partner at Jet Tax Service Inc, a privately owned accounting firm located in Queens New York City. He is an Enrolled Agent and a Certified Public Accountant with an MBA from CUNY Baruch College. In addition to working at Jet Tax Service Inc, he has taught as an adjunct professor at Baruch College and has presented for both the AICPA and NYSSEA. He is happily married with two beautiful daughters, Mira and Cara.
Continuing Education
This course qualifies for IRS Continuing Education Hours. NAEA reports IRS CE on a monthly basis. If you have not received your CE Hours in your IRS PTIN Account by the end of the month after receiving the certificate, please contact NAEA at
education@naea.org. IRS Requirements for live webinars require at least 50 minutes per hour of attendance and answering 3 out of the 4 polling questions. For on-demand, you must watch the full video, answer the knowledge check, and pass the assessment with a score of 70% or above. No partial CE is offered.
Webinar Refund Policy
To request a refund, contact the NAEA education team via email at
education@naea.org. An NAEA education team member will review the request for a refund. If the refund request has been approved, the refund will be refunded on the same method of purchase. Live Webinars, also offered On-Demand will not be refunded.