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
ANGELA –
great course
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CARLOS –
Good. Very well organized, easy to understand and follow.
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PAMELA –
FIFO, LIFO, perpetual, etc. Type of inventory method used does make a difference on the bottom line. Great workbook.
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BEVERLY –
Enjoy this course but don’t use it in my bookkeeping. all of my clients don’t have inventory.
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DAWN –
Thorough, informative, easily understood.
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JAMES –
The basics of inventory LIFO, FIFO and COST were all covered thoroughly.
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JANET –
See above
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KENNETH –
I thought each of the courses was right on target. They were a very good source for review for me.
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PATRICIA –
I found the corrections to the original printed matter difficut to follow, but the course was very good.
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REBECCA –
I always feel more informed after taking an AIPB course.
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DENEECE –
Good
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ODILIA –
This is a book with every thing about inventory. !!!!Fantastic.
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KATHY –
Excellent
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