Accounting Basics: Inventory and Cost Management

This lecture covers the fundamental concepts of accounting, focusing on the ledger, accounting information for merchandising and manufacturing businesses, inventory cost flows, cost accounting systems, cost objects, direct and indirect costs, and accounting for manufacturing operations. The instructor explains the steps in the manufacturing process, inventoriable product costs, and the flow of physical goods and manufacturing costs. Additionally, the lecture delves into direct materials, direct labor, manufacturing overhead, and the financial statements for merchandising and manufacturing companies.