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
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
JOYCE –
Easy to understand
Upvote if this was helpful (0) Downvote if this was not helpful (0) Flag for removal
MICHELLE –
Covered multiple methods of tracking inventory– both physically and in the General Ledger. Each chapter had good review in the quizzes. The test took me longer than 2.5 hours but felt it was important to do well.
Upvote if this was helpful (0) Downvote if this was not helpful (0) Flag for removal
JILL –
Course material was concise and easy to grasp
Upvote if this was helpful (0) Downvote if this was not helpful (0) Flag for removal
KIMBERLEE –
Clear explanations with practice questions. Understandable even to a person that works with a service company and does not keep “inventory” per se.
Upvote if this was helpful (0) Downvote if this was not helpful (0) Flag for removal
ANNETTE –
After taking this course I implemented changes at my workplace that have been both time saving and cost effectivie for our company.
Upvote if this was helpful (0) Downvote if this was not helpful (0) Flag for removal
NIRMALA –
A+++! Great Book!
Upvote if this was helpful (0) Downvote if this was not helpful (0) Flag for removal
ALAN –
A good course that develops understanding of the calculations required for the different methods. Perhaps it could clarify the handling of tax vs book valuations
Upvote if this was helpful (0) Downvote if this was not helpful (0) Flag for removal
SOLOMON –
5
Upvote if this was helpful (0) Downvote if this was not helpful (0) Flag for removal
DINA –
5
Upvote if this was helpful (0) Downvote if this was not helpful (0) Flag for removal
DINA –
5
Upvote if this was helpful (0) Downvote if this was not helpful (0) Flag for removal
TONY –
5
Upvote if this was helpful (0) Downvote if this was not helpful (0) Flag for removal
JULIA –
Well written and used for reference manual.
Upvote if this was helpful (0) Downvote if this was not helpful (0) Flag for removal
BETH –
Was a great refresher course
Upvote if this was helpful (0) Downvote if this was not helpful (0) Flag for removal
MYRIAM –
Very good, it was what I expected.
Upvote if this was helpful (0) Downvote if this was not helpful (0) Flag for removal
CARLOS –
Very good, easy to understand
Upvote if this was helpful (0) Downvote if this was not helpful (0) Flag for removal
STEPHANIE –
Very good workbook. Made the subject easy to learn and each method easy to grasp and follow.
Upvote if this was helpful (0) Downvote if this was not helpful (0) Flag for removal
DIANE –
Very good explanation of each type of inventory and good practice examples.
Upvote if this was helpful (0) Downvote if this was not helpful (0) Flag for removal