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
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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LINDA –
Very good.
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SHARI –
Very good overview of what is needed for the certified bookkeeper exam.
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DAVID –
Very good introduction to most important information.
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AHMAD –
Very good books and easy instruction.
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BUNDANCE –
This was a wonderful and informative course!! Easy to follow and understand!!!
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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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PEGGY –
This is for everyday bookkeeping life. I refer back to this book all the time.
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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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ANITA –
No comments.
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KIRILKA –
It was very interesting and I study it with eager.
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JOY –
It was very helpful as a resource
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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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CHERYL –
I would have like a little more in-depth coverage.
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CLAIRE –
Helpful –
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