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
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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VICKY –
This is fine.
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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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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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PATRICIA –
Information in this course was clear and concise. The book was well written.
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JENNIFER –
I was able to pass the CB exam with this workbook.
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ELIZABETH –
I thought this course made understanding inventory easy.
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