Home page of the American Institute of Professional Bookkeepers—the bookkeeping profession's association.
Home page of the American Institute of Professional Bookkeepers — the bookkeeping profession's association. About the American Institute of Professional Bookkeepers (AIPB) — recognizing bookkeeping as a profession and bookkeepers as professionals Services from the American Institute of Professional Bookkeepers designed to help bookkeepers gain recognition as professionals. Bookkeeping Tips, one valuable bookkeeping, tax, payroll, filing or recordkeeping tip e-mailed to you each week—free. How to contact the American Institute of Professional Bookkeepers Site Map for the American Institute of Professional Bookkeepers (AIPB.org) - the bookkeeping profession's association.
7 membership benefits of belonging to AIPB that help you get the recognition you deserve as a professional and keep your skills and knowledge up to date
Becoming a Certified Bookkeeper (CB), gives you the right to put “CB” after your name and, according to the U.S. Dept. of Labor, means that you will have “the best job prospects” (Occupational Outlook Handbook).
The AIPB jobs web site helps you find the best bookkeeping jobs, or new clients for your freelance practice, at no charge.
Advance your skills, knowledge and career with self-study courses taken right in your home or office.
The Members Only area includes special resources provided only to AIPB members.
Chat Rooms for professional bookkeepers let you talk with colleagues, get new ideas, ask questions, share knowledge.
Bookkeeping Tips, one valuable bookkeeping, tax, payroll, filing or recordkeeping tip e-mailed to you each week—free.
Accounting, Bookkeeping & Tax Links connect you to over 150 free bookkeeping, accounting and tax calculators, forms, tables, templates, glossaries—all useful, all free
Free Bookkeeper’s Hiring Test helps employers quickly evaluate job candidates for bookkeeper at no change. Free 10-question test with optional free sections on payroll, depreciation and inventory.

Continuing Education

Back to Continuing Education | Order Form

MASTERING INVENTORY
196 pages [94 self-teaching, + 102 quizzes/ans.]

inven.gif (4693 bytes)



Members pay $49
Non-members pay $59

Section 1: Introduction. What to include in merchandise costs, when and how to record the journal entries. How inventory is reported on the income statement as cost of goods sold and on the balance sheet as ending inventory.

Section 2: The perpetual method. How to compute and record journal entries for purchases (net or gross). . . sales. . .purchase discounts. . .returns and allowances. . .customer sales returns. . .and inventory shrinkage.

Section 3: The periodic method. How to compute and record journal entries for purchases (net v. gross), sales, discounts, returns and allowances, sales returns, inventory shrinkage and closing out the inventory-related accounts at year end.

Section 4: Weighted average costing. How to compute ending inventory and COGS using weighted average costing (periodic method) and moving average costing (perpetual method).

Section 5: First-in, first-out (FIFO) costing. Clear explanations of FIFO under the perpetual v. periodic method, including how to compute and record purchases, sales, COGS and ending inventory.

Section 6: Last-in, first-out (LIFO) costing. How to compute and record purchases, sales, COGS, ending inventory and LIFO layers. When and how to compute LIFO liquidations.

Section 7: The lower of cost or market (LCM) rule. How to determine ceiling, floor, cost and market—then compute and apply LCM by item v. group v. total inventory. How to handle purchase commitments and decline and recovery in inventory value.

Back to Continuing Education | Order Form

 

 

Home | About Us | Services | Contact Us | Site Map | Member Benefits | Bookkeeping Tips | Certification | Free Hiring Test

© 2007 AIPB. All Rights Reserved. Designed and hosted by: The Computer Company, Inc.