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
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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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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LINA –
Very helpful
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DAVID –
Very good introduction to most important information.
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KARRY –
This was a great introductory course into inventory accounting. I would recommend this course to anyone starting out in the accounting/bookkeeping profession.
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CAROL –
This course and the depreciation course were the two I had to spend the most time on. Glad I did because it rounded out my abilities as an accounting person.
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LINDA –
The course was very difficult for someone who has only dealt in very simple in/out inventory for many years. Having said that, it was a good thing it was difficult. I need to work hard to learn how the private sector works, since my work is in the public sector. The course was very good.
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BONNIE –
It has been quite a while since I took these courses but I thought they were all easy to follow, gave good practice questions and gave a good overview of the subject.
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