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
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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TIFFANY –
Am working on this course now although I feel it is somewhat irrelevant as almost all companies use a computer software program to automate inventory.
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JANICE –
I thought it was great, easy to follow and certainly prepared you for CB exam.
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CONNIE –
Great refresher
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MELISSA –
I have to say, I really disliked this course. It has good information, but it seemed to go on and on. I’d like more concise information.
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ENRIQUE –
Good book. Exlellent
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MARLISE –
Excellent.
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ARTHUR –
My only complain is that non of these good books available in PDF, otherwise good job!!!!
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WALTER –
EXCELLENT COURSE
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VIRGINIA –
It talks about all the methods of inventory. I don’t know if it is necessary to know other inventory methods which are not being use in present business world.
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GAURANG –
Good book but expensive
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TEXYE –
I found this very thorough. I liked that accounting concepts were explained, taught, and reinforced.
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JENNY –
Has been a while since I have studied this book, but seems like there were a few errors in the book and a few areas that could have been better explained, but overall was very good.
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AMY –
For someone who does not have experience with inventory, I appreciate the easy to follow explanation of the different methods of inventory. Anther course book that will take a permanent place in my library for reference.
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PHYLLIS –
A little difficult…but good material.
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LINA –
Very helpful
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