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
JILL –
Course material was concise and easy to grasp
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KIMBERLEE –
Clear explanations with practice questions. Understandable even to a person that works with a service company and does not keep “inventory” per se.
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ANNETTE –
After taking this course I implemented changes at my workplace that have been both time saving and cost effectivie for our company.
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NIRMALA –
A+++! Great Book!
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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
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SOLOMON –
5
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DINA –
5
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DINA –
5
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TONY –
5
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JULIA –
Well written and used for reference manual.
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BETH –
Was a great refresher course
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MYRIAM –
Very good, it was what I expected.
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CARLOS –
Very good, easy to understand
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STEPHANIE –
Very good workbook. Made the subject easy to learn and each method easy to grasp and follow.
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DIANE –
Very good explanation of each type of inventory and good practice examples.
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EMMA –
Took the course sometime ago, but benefitted greatly from it.
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ROD –
This review book is hard to follow and needs to be written more to small businesses.
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SWAN –
This is a really good book. It did a great job of reviewing the perpetual and periodic inventory system that I learned in financial accounting.
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WENDY –
The course material was informative and well paced.
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YVONNE –
taught new things
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CHARLES –
Still working on studying this book. Have been very happy with the books put out for studying for the exams. They have been very helpful and easy to undertand. The exams are very helpful as well.
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DAVID –
Satisfactory study guide
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KIMBERLY –
Material covered the subject very well.
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SARAH –
Great
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LAURA –
Good reference for anyone who deals with inventory.
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DIANE –
Good Learning tool
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SHERRY –
Good information.
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MARSHALL –
good course
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GREGORY –
Good
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ZHENYUAN –
Generally good, but we need more practical details.
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