Here's a great video by Daniel Dickson from FreeAccountingSchool.com. This video covers his Account Basics Lesson 7, which is on inventory account. The video is about 9 minutes long and covers how journal entries are handled. If you're experienced with bookkeeping, this is probably nothing new to you. If you are in charge of operations, it is good to understand how the financials of inventory works.
Topics Covered:
How to record a purchase of inventory on account using double entry accounting
How to record the purchase of inventory with a debit card using double entry accounting
How do businesses treat inventory? Do they use multiple accounts?
