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
GREGORY –
Good
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MALATHI –
Even though I do not use it, it is helpful.
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KAREN –
Basic + – exactly what I had expected with a few new ideas thrown in.
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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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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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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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