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.
Upvote if this was helpful (0) Downvote if this was not helpful (0) Flag for removal
DOREEN –
This one was a little hard to understand
Upvote if this was helpful (0) Downvote if this was not helpful (0) Flag for removal
VICKY –
This is fine.
Upvote if this was helpful (0) Downvote if this was not helpful (0) Flag for removal
SARA –
This course challenged me to be a better learner. I feel I have a much better understanding of Inventory after taking this course.
Upvote if this was helpful (0) Downvote if this was not helpful (0) Flag for removal
ADRIANA –
The Material is practical and you can dominate the subject very fast
Upvote if this was helpful (0) Downvote if this was not helpful (0) Flag for removal
LAURA –
The inventory workbook was very informative
Upvote if this was helpful (0) Downvote if this was not helpful (0) Flag for removal
AMITABH –
Simple and Great
Upvote if this was helpful (0) Downvote if this was not helpful (0) Flag for removal
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.
Upvote if this was helpful (0) Downvote if this was not helpful (0) Flag for removal
AUGUSTINE –
Ready to take charge once course is completed.
Upvote if this was helpful (0) Downvote if this was not helpful (0) Flag for removal
JOYCE –
OK.
Upvote if this was helpful (0) Downvote if this was not helpful (0) Flag for removal
BJ –
ok, needs index
Upvote if this was helpful (0) Downvote if this was not helpful (0) Flag for removal
LYNELL –
no comment, but a very informative material
Upvote if this was helpful (0) Downvote if this was not helpful (0) Flag for removal
LINDA –
made it interesting.
Upvote if this was helpful (0) Downvote if this was not helpful (0) Flag for removal
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.
Upvote if this was helpful (0) Downvote if this was not helpful (0) Flag for removal
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
Upvote if this was helpful (0) Downvote if this was not helpful (0) Flag for removal
KIANOUSH –
It was great.
Upvote if this was helpful (0) Downvote if this was not helpful (0) Flag for removal
AMY –
It was good course.
Upvote if this was helpful (0) Downvote if this was not helpful (0) Flag for removal
GIAS –
Inventory it’s really a good part for a bookkeeper.
Upvote if this was helpful (0) Downvote if this was not helpful (0) Flag for removal
PATRICIA –
Information in this course was clear and concise. The book was well written.
Upvote if this was helpful (0) Downvote if this was not helpful (0) Flag for removal
KERRIANNE –
I was happy with the material it covered. Felt like it covered all bases that I needed for my career in bookkeeping
Upvote if this was helpful (0) Downvote if this was not helpful (0) Flag for removal
JENNIFER –
I was able to pass the CB exam with this workbook.
Upvote if this was helpful (0) Downvote if this was not helpful (0) Flag for removal
ELIZABETH –
I thought this course made understanding inventory easy.
Upvote if this was helpful (0) Downvote if this was not helpful (0) Flag for removal
PAMELA –
I liked all the practice problems.
Upvote if this was helpful (0) Downvote if this was not helpful (0) Flag for removal
THOMAS –
I like it
Upvote if this was helpful (0) Downvote if this was not helpful (0) Flag for removal
MARIE –
I knew little about inventory until I read this book.
Upvote if this was helpful (0) Downvote if this was not helpful (0) Flag for removal
RAJPATTY –
I can always rely on my experience through AIPB
Upvote if this was helpful (0) Downvote if this was not helpful (0) Flag for removal
CYNTHIA –
I am using the course book now at work to make the correct entries
Upvote if this was helpful (0) Downvote if this was not helpful (0) Flag for removal
KARIN –
Helpful exercises
Upvote if this was helpful (0) Downvote if this was not helpful (0) Flag for removal
JENNIFER –
Helped me to brush up on one of my weaknesses.
Upvote if this was helpful (0) Downvote if this was not helpful (0) Flag for removal
STEPHANIE –
Good review of the basics.
Upvote if this was helpful (0) Downvote if this was not helpful (0) Flag for removal