{"podcast":{"title":"Finance Exam Prep","slug":"finance-exam-prep-7658413","podcast_index_feed_id":7658413,"rss_url":"https://feeds.captivate.fm/tax-exam-prep/","website_url":"https://open-exam-prep.com/","image_url":"https://artwork.captivate.fm/66dc02ed-369e-49e5-89a7-db7df9f63a25/20260115-1339-Image-Generation-simple-compose-01kf1sj7hsfcqbept.png","author":"Ran Chen, EA, CFP®","episode_count":250,"summary":"Finance Exam Prep is a daily podcast designed to help future tax and finance professionals pass their certification and licensing exams with clarity and confidence. Built and operated by OpenExamPrep, this podcast breaks down major tax exams into focused, easy-to-digest episodes covering the CPA & Enrolled Agent (EA) Exam, including Part 1 (Individuals), Part 2 (Businesses), and Part 3 (Representation, Practices, and Procedures). Each episode targets one key tax concept, common exam trap, or high-frequency test topic—making it ideal for studying during commutes, workouts, or short study sessions. Created by Ran Chen, EA, CFP®, a financial professional and exam specialist who has personally passed multiple professional licensing exams, Tax Exam Prep was developed from firsthand experience with how complex—and often poorly explained—tax exam material can be. The goal is simple: make tax exam preparation clearer, more accessible, and more effective through structured explanations and modern learning tools. Whether you’re preparing for the EA Exam, transitioning into a tax career, or reviewing before test day, this podcast is designed to guide you step by step—one concept at a time. F…","last_synced_at":"2026-09-25T10:18:46.837651+00:00","page_url":"https://stenobird.com/podcast/finance-exam-prep-7658413"},"episode":{"title":"Enrolled Agent Exam [Part 2] 53, Inventory Methods — FIFO, LIFO, Specific ID","slug":"enrolled-agent-exam-part-2-53-inventory-methods-fifo-lifo-specific-id","published_at":"2026-06-19T22:41:20+00:00","page_url":"https://stenobird.com/podcast/finance-exam-prep-7658413/enrolled-agent-exam-part-2-53-inventory-methods-fifo-lifo-specific-id","show_page_url":"https://stenobird.com/podcast/finance-exam-prep-7658413","url":"https://open-exam-prep.com/","audio_url":"https://episodes.captivate.fm/episode/af7b29c4-f9e6-4cfe-9196-302570256a37.mp3","summary":"This podcast is made by Ran Chen, who holds an EA license, Insurance and Securities licenses (Series 6, 63, 65), and the CFP® designation. He is passionate about opening access to high-quality exam preparation resources and helping learners prepare more effectively for professional certification exams. In this episode you will learn: - How the FIFO method assumes the first units purchased are the first ones sold, typically resulting in higher taxable income during inflationary periods. - How the LIFO method assumes the last units purchased are the first ones sold, leading to a higher Cost of Goods Sold (COGS) and lower taxable income when prices are rising. - The critical LIFO conformity rule, which mandates that if a business uses LIFO for tax purposes, it must also use it for financial reporting. - The procedural requirement of filing Form 970 with the IRS to properly elect the LIFO inventory method. - The application of the Specific Identification method for unique, high-value inventory items where the actual cost of each item can be tracked. For more free exam prep tools, practice questions, and AI-powered explanations, visit https://open-exam-prep.com/ or YouTube Channel: https://www.youtube.com/@Open-exam-prep","meta_description":"This podcast is made by Ran Chen, who holds an EA license, Insurance and Securities licenses (Series 6, 63, 65), and the CFP® designation. He is passionat…","key_points":[],"chapters":[],"topics":[],"duration_seconds":225,"processing_state":"not_requested","actions":[{"name":"request_transcript","method":"POST","url":"https://stenobird.com/v1/public/podcasts/finance-exam-prep-7658413/episodes/enrolled-agent-exam-part-2-53-inventory-methods-fifo-lifo-specific-id/transcription-requests","description":"Idempotently request low-priority transcript generation for this episode."},{"name":"read_markdown","method":"GET","url":"https://stenobird.com/podcast/finance-exam-prep-7658413/enrolled-agent-exam-part-2-53-inventory-methods-fifo-lifo-specific-id.md","description":"Read the agent-friendly Markdown representation of this episode resource."}]}}