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
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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MALATHI –
Even though I do not use it, it is helpful.
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PING –
Easy to understand.
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SALLY –
Dry reading but informative.
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RODNEY –
Challenging, but very good.
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KAREN –
Basic + – exactly what I had expected with a few new ideas thrown in.
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KENT –
I find all of AIPB’s courses very through and informative. I found the course content easy to understand.
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DEANNA –
A good supplement to my previous education.
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JEANNINE –
The course covered the various inventory methods well. I only wish AIPB had a course for manufacturing inventory.
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MAUREEN –
The study unit for inventory was informative
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BENEDICT –
I have a better understanding of inventory now and I know it will come in very handy when I sit for the CPA exam. This is one section I won’t be spending too much time on when the CPA exam studies begins.
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CINDY –
Easy to follow instructions provided clear understanding of how inventory works.
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Y –
Excellent
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GERALD –
Excellent
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KAREN –
Used as refresher self study did not test
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ANTONY –
Excellent way to understand the entries explained in this course.
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