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
LYNELL –
no comment, but a very informative material
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LINDA –
made it interesting.
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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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KIANOUSH –
It was great.
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AMY –
It was good course.
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GIAS –
Inventory it’s really a good part for a bookkeeper.
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KERRIANNE –
I was happy with the material it covered. Felt like it covered all bases that I needed for my career in bookkeeping
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PAMELA –
I liked all the practice problems.
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THOMAS –
I like it
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MARIE –
I knew little about inventory until I read this book.
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RAJPATTY –
I can always rely on my experience through AIPB
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CYNTHIA –
I am using the course book now at work to make the correct entries
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KARIN –
Helpful exercises
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JENNIFER –
Helped me to brush up on one of my weaknesses.
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KHALID –
good book for new students
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LING –
Good
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CORINA –
Felt the book was written very clearly and easy to follow. Self Tests are good in the back of the book.
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KENNETH –
Excellent. With everything being automated these days it’s great to get a solid reminder of the basics.
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HEATHER –
Excellent material – very thorough
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DAMIAN –
excellent
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