196 pages [94 self-teaching + 102 self-quizzes with detailed answers]
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:Â 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 that are followed by a decline in the value of inventory, then a recovery.
Publisher:Â AIPB
Samantha DeBois –
Excellent material very thorough.
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YVONNE STEPHENSON –
The course provided fundamental information, however the textbook was dry and one dimensional. A complementary workbook and/or a video/cd lecture would have been a great enhancement. This would allow for listening to the material then reading it, then working the problems.
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Amanda Marble –
Very helpful!!
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Dennis Alexander –
This text book was a great review. Really helpful.
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Sheikh Hossain –
Good material for learning accounting.
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Ragin –
Easy to follow and understand. I appreciate having the double quizzes at the end of each chapter to test and help solidify the skills.
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Beth Axe –
I enjoyed doing the problems in this course.
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Evelyn Baldo –
Confusing but Interesting and informative
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Mohamed Helemish –
The course is very good but needs more practice questions
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Pravin Patel –
Excellent book. a covered topic very well and a nice explanation. Enough examples.
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Janice Lima –
informative
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Beth Axe –
This was interesting and I enjoyed doing the problems.
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Alejandro Arenas –
Excellent course
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Evelyn Jackson –
This book definitely gave you good information backed with lots of hard scenarios and quizzes.
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MAURICE –
Plenty of examples
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JULIE –
This was the first review I had of Inventory since college. Very difficult to follow.
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CHERYL –
Very well laid out material. Covered the topic very well.
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BARBARA –
Excellent…a little difficult, but love this book…
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KARLA –
The book was very helpful.
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LUCILLE –
I learned so much from this course. The books used were excellent.
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ASTRID –
The Inventory Curses was amazing. Very completed in details. The tests were perfect 2 after each section so it helped me to keep my knowledge very fresh. I reprint again each test and at the end of each section, I was practicing all the test I already print. I wrote the answers in a notebook so it would let me practice without seeing the answers.
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NAGIBE –
I have learn a lot in the classes. They are interesting and book is very clear. Very well explain!
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ELCE –
Good
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LINDA –
Well written and very detailed
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COLIN –
5 stars
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JENNIFER –
I enjoyed this course. I needed to create an excel sheet to do the problems, which was not an issue. I found that to very informative of different styles.
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REBECCA –
This was a good course, but the FIFO section could have provided better explanations and examples of how to implement it.
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AMANDA –
Great information.
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THANDAR –
I tried a lot to understand Section 4. It is a little confuse Weighted-average and moving-average methods than others.
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MYRA –
I love the courses that AIPB offer. They are up to date and very easy to understand.
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