Every Tuesday in April, Pat Durbin is taking over the podcast sharing insights and going back to basics on some critical accounting areas, including contingent liabilities, subsequent events, and inventory.In this episode, Heather Horn and Pat discuss key accounting concepts and judgments in accounting for and valuing inventory. In this episode, you’ll hear discussion of:1:34 - Different methods to determine inventory costs and the art of inventory cost accounting 19:27 - How to account for changes in cost flow assumptions or composition of costs25:55 - Key judgments in valuation and impairment of inventory 33:19 - New ways to finance inventory 35:29 - Final advice for accounting for inventory For more information, read our Inventory guide. Pat Durbin is a Deputy Chief Accountant in PwC’s National Office. He has over 30 years of experience consulting with our clients and engagement teams on complex accounting matters, including issues related to revenue, compensation, income taxes, and inventory under both US GAAP and IFRS.Heather Horn is PwC’s National Office thought leader, responsible for developing our communications strategy and conveying firm positions on accounting and financial reporting matters. She is the engaging host of PwC’s accounting and reporting weekly podcast and quarterly webcast series. With over 30 years of experience, Heather’s accounting and auditing expertise includes financial instruments and rate-regulated accounting.Transcripts available upon request for individuals who may need a disability-related accommodation. Please send requests to us_podcast@pwc.com.