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
DAWN –
Thorough course material. Very challenging!
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PRAGNA –
The course is very short but very knowledgable and informative.
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GULSHAN –
It’s best course to get knowledge.
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NANCY –
good course content
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YVONNE –
Excellent Course!It taught the various methods in a way that is easy to grasp and remember.
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JULIA –
Clear and concise.
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JEAN –
Well written easy to understand. I never received the answers to incorrect problems after I submitted the completed final exam to AIPB.
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JUDY –
Well written course
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VICTORITA –
the example and the quiz are very helpful
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LINDA –
No problems with course, very good
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MARIA –
It’s simple to understand
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SAQIB –
I learned perpetual method to record inventory and various ways to find out cost of Inventory specially LIFO and LCM. I was only familiar with periodic FIFO method before read this book. I rate this course at highest level of professional studies to record Inventory
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MICHAEL –
I always used to hate studing inventory, until I came upon this inventory course by AIPB. An excellent job in simplifying the entire inventory accounting process. This was a true life saver.
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MARILYN –
Good info.
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ALDO –
good book
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YANG –
good
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PAMELA –
Explains FIFO, LIFO, and perpetual inventories easily. Easy to understand how using different methods of inventory affects the bottom line.
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BULIAN –
Every section has a very clear goal and instruction. It is easy to follow them to study. In fact, the inventory is a basic bookkeeing work, but it is knowledge that is both simple and complex. This book is a good tool for bookkeeper.
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MARYANN –
A good refresher course for me. I have done inventory for many years but it hit on all the important points
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JEAN –
With this course I learn inventory better than I understand it when I took it in my college class. You earn an A+ for the preparation of the course
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FATIMA –
Very useful
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KATALIN –
Very technical & detailed.
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MICHELE –
Very informative. Easy to follow and understand.
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LYNEL –
Very informative.
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JEANIE –
Very helpful.
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MAIRE –
very good. examples are great and very imformative.
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VIJAYALAKSHMI –
Very good book. Easy to understand
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CHERYL –
Useful information and easy to understand course.
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JUDY –
Took in 2003. Was fine course.
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ANNA –
This was the hardest test for me.
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