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
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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ELAINE –
This was a omprehensive course, covering many aspects of inventory. I’ve worked for service companies and non-profits who did not carry inventory, so this course provided a good overview for me.
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DOREEN –
This one was a little hard to understand
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VICKY –
This is fine.
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SARA –
This course challenged me to be a better learner. I feel I have a much better understanding of Inventory after taking this course.
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ADRIANA –
The Material is practical and you can dominate the subject very fast
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LAURA –
The inventory workbook was very informative
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AMITABH –
Simple and Great
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TROY –
Really great course. I thought it was challenging, current and understandable. I enjoyed the process and had a quick turnaround with my exam results. I am disappointed, however, that any certification I receive through this process is not recognized or allowed in the State of Idaho. I would like to see a states level certification similar to the federal level certification for tax preparers. Other than that, great program.
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AUGUSTINE –
Ready to take charge once course is completed.
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JOYCE –
OK.
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BJ –
ok, needs index
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LYNELL –
no comment, but a very informative material
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LINDA –
made it interesting.
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JENNIFER –
Learned a lot, currently don’t have any clients with inventory so will use the material to review if I do get a client with inventory.
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TAMMY –
LEARNED A LOT FROM THIS COURSE…I KNEW HOW TO DO INVENTORY BUT WHEN YOU GOT INTO ALL THE OTHER WAYS OF CALCULATING I HADN’T HAD A CLUE
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