4.50/5 stars (482 customer reviews)

$59.00

Learn the perpetual and periodic methods for recording inventory. Find out how to cost out inventory and record cost of goods sold using the weighted and moving average, FIFO, LIFO and lower of cost or net realizable value (LCNRV) methods. Double-quiz in each section assures that you master it

ISBN: 9781938741081
List Price: $59.00
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Description

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: 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: AIPB

Additional information

Book Type

Softcover Book, Online eBook

Series

Certified Bookkeeper Course Series: Everything you need to study for the national CB exam

  • Complete preparation for the national Certified Bookkeeper exam!
  • Double-quiz in every workbook section assures mastery of every skill!
  • Workbook quiz questions mimic the national exam questions!

 

 

 

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4.5 out of 5 stars

482 reviews

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What others are saying

  1. Pravin Patel (verified owner)

    Excellent book. a covered topic very well and a nice explanation. Enough examples.

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  2. Janice Lima (verified owner)

    informative

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  3. Beth Axe (verified owner)

    This was interesting and I enjoyed doing the problems.

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  4. Alejandro Arenas (verified owner)

    Excellent course

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  5. Evelyn Jackson (verified owner)

    This book definitely gave you good information backed with lots of hard scenarios and quizzes.

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  6. MAURICE (verified owner)

    Plenty of examples

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  7. JULIE (verified owner)

    This was the first review I had of Inventory since college. Very difficult to follow.

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  8. CHERYL (verified owner)

    Very well laid out material. Covered the topic very well.

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  9. BARBARA (verified owner)

    Excellent…a little difficult, but love this book…

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  10. KARLA (verified owner)

    The book was very helpful.

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  11. LUCILLE (verified owner)

    I learned so much from this course. The books used were excellent.

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  12. ASTRID (verified owner)

    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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  13. NAGIBE (verified owner)

    I have learn a lot in the classes. They are interesting and book is very clear. Very well explain!

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  14. ELCE (verified owner)

    Good

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  15. THERESA (verified owner)

    Straight to the point and informative.

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  16. LINDA (verified owner)

    Well written and very detailed

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  17. COLIN (verified owner)

    5 stars

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  18. JENNIFER (verified owner)

    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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  19. REBECCA (verified owner)

    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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  20. AMANDA (verified owner)

    Great information.

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  21. THANDAR (verified owner)

    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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  22. MYRA (verified owner)

    I love the courses that AIPB offer. They are up to date and very easy to understand.

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  23. ALEJANDRO (verified owner)

    Great overview of inventory methodology with a great explanation of the use of the different inventory strategies a company can use.

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  24. JIE (verified owner)

    Help and great

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  25. JULIE (verified owner)

    excellent course

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  26. CANDICE (verified owner)

    Teesting was terrible

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  27. NINA (verified owner)

    Currently studying. So far so good

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  28. JOSE (verified owner)

    Great material.

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  29. LORI (verified owner)

    The course is clear and easy to understand.

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  30. BRIDGETTE (verified owner)

    Easy to follow, informative, good examples given

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