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
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
NORAH –
Good examples used and easy to understa
Upvote if this was helpful (0) Downvote if this was not helpful (0) Flag for removal
KHALID –
good book for new students
Upvote if this was helpful (0) Downvote if this was not helpful (0) Flag for removal
RYAN –
Good
Upvote if this was helpful (0) Downvote if this was not helpful (0) Flag for removal
LING –
Good
Upvote if this was helpful (0) Downvote if this was not helpful (0) Flag for removal
ANNA –
good
Upvote if this was helpful (0) Downvote if this was not helpful (0) Flag for removal
CORINA –
Felt the book was written very clearly and easy to follow. Self Tests are good in the back of the book.
Upvote if this was helpful (0) Downvote if this was not helpful (0) Flag for removal
ATANAS –
Explanations are understandable and completely enough to past the test. I do not think can start bookkeeping practice just by completing the courses in the program. You can try to work for somebody but not as a bookkeeper for yourself serving other firms. I have not worked in this field since I had other job and I can not tell you if your course matches the requirements of the employers. Also, nowadays most things are done by computer software (bank reconciliation etc) and this is missing from your courses.
Upvote if this was helpful (0) Downvote if this was not helpful (0) Flag for removal
KENNETH –
Excellent. With everything being automated these days it’s great to get a solid reminder of the basics.
Upvote if this was helpful (0) Downvote if this was not helpful (0) Flag for removal
HEATHER –
Excellent material – very thorough
Upvote if this was helpful (0) Downvote if this was not helpful (0) Flag for removal
ED –
excellent course, there was so so much to inventory valuation
Upvote if this was helpful (0) Downvote if this was not helpful (0) Flag for removal
DAMIAN –
excellent
Upvote if this was helpful (0) Downvote if this was not helpful (0) Flag for removal
ELIZABETH –
Excellent
Upvote if this was helpful (0) Downvote if this was not helpful (0) Flag for removal
KELLY –
Easy to understand and with all the great examples by the end of the book you know it well.
Upvote if this was helpful (0) Downvote if this was not helpful (0) Flag for removal