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
LINDA –
Very good.
Upvote if this was helpful (0) Downvote if this was not helpful (0) Flag for removal
SHARI –
Very good overview of what is needed for the certified bookkeeper exam.
Upvote if this was helpful (0) Downvote if this was not helpful (0) Flag for removal
AHMAD –
Very good books and easy instruction.
Upvote if this was helpful (0) Downvote if this was not helpful (0) Flag for removal
BUNDANCE –
This was a wonderful and informative course!! Easy to follow and understand!!!
Upvote if this was helpful (0) Downvote if this was not helpful (0) Flag for removal
PEGGY –
This is for everyday bookkeeping life. I refer back to this book all the time.
Upvote if this was helpful (0) Downvote if this was not helpful (0) Flag for removal
ANITA –
No comments.
Upvote if this was helpful (0) Downvote if this was not helpful (0) Flag for removal
KIRILKA –
It was very interesting and I study it with eager.
Upvote if this was helpful (0) Downvote if this was not helpful (0) Flag for removal
JOY –
It was very helpful as a resource
Upvote if this was helpful (0) Downvote if this was not helpful (0) Flag for removal
ANGELA –
great course
Upvote if this was helpful (0) Downvote if this was not helpful (0) Flag for removal
CARLOS –
Good. Very well organized, easy to understand and follow.
Upvote if this was helpful (0) Downvote if this was not helpful (0) Flag for removal
PAMELA –
FIFO, LIFO, perpetual, etc. Type of inventory method used does make a difference on the bottom line. Great workbook.
Upvote if this was helpful (0) Downvote if this was not helpful (0) Flag for removal
BEVERLY –
Enjoy this course but don’t use it in my bookkeeping. all of my clients don’t have inventory.
Upvote if this was helpful (0) Downvote if this was not helpful (0) Flag for removal
DAWN –
Thorough, informative, easily understood.
Upvote if this was helpful (0) Downvote if this was not helpful (0) Flag for removal