Mastering Inventory Online Course

Master how to record merchandise inventory under the perpetual v. periodic method—and cost out inventory under the weighted- and moving-average method v. FIFO v. LIFO v. lower of cost or net realizable value method.

Everything you need:

  • Instructor-led online lessons, reinforcement homework problems, comprehensive workbook with reinforcement quizzes to lock in your new skill, and optional open-book final exam. (Note: Workbook will ship to you after your 10-day trial has expired. View the student enrollment agreement.)
  • Self-paced—learn on your own schedule.
  • Access to your instructor with any questions.
  • A personal Certificate of Completion suitable for framing if you take the optional open-book final exam and achieve a grade of at least 70.
  • 1 month to complete (an extension fee may be charged)

Mastering Inventory is included in the online Certified Bookkeeper (CB) Prep Course.

Member Price ( Log in to receive your member discount): $475.00

List Price: $495.00 Member Price: $475.00

SKU: Mastering Inventory Online Course Category:

Instructor-led lessons • Self-paced—learn on your schedule

Lesson 1

  • What costs to include in the cost of merchandise.
  • What journal entries to record—and when to record them.
  • How inventory is reported on the income statement as cost of goods sold—and on the balance sheet as ending inventory.

Lesson 2

How to record merchandise inventory:

  • The perpetual method. How to compute and record the journal entry for purchases, net v. gross . . . sales . . . purchase discounts . . . returns and allowances . . . customer sales returns . . . and shrinkage.
  • The periodic method. How to compute and record the journal entry for purchases, net v. gross . . . sales discounts, returns and allowances . . . and for closing out inventory and related accounts at year end.

Lesson 3

  • How to cost out inventory using weighted average (periodic method) v. moving average (perpetual method) costing.
  • How to compute ending inventory and COGS using weighted average (periodic method) v. moving average (perpetual method) costing.

Lesson 4

  • How to cost out inventory using First-in, first-out (FIFO) under the perpetual v. periodic method, including how to compute and record purchases, sales, COGS and ending inventory.
  • How to cost out inventory using Last-in, first-out (LIFO): How to compute and record purchases, sales, COGS, ending inventory and LIFO layers. When and how to compute LIFO liquidations.

Lesson 5

  • How to cost out inventory using the lower of cost or net realizable value (LCNRV) rule.
  • How to compute and apply LCNRV by item v. group v. total inventory.
  • How to handle purchase commitments when they are followed by a decline in the value of inventory, and when the decline is recovered.

Final Exam

Take the open-book final exam online, attain a grade of at least 70, and instantly receive a personal Certificate of Completion in Mastering Inventory, suitable for framing.

Sample Video