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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MICHELLE –
Good step by step for a very specialized module
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LINDA –
Good explanation
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NAISHADH –
Good Books
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CINDY –
good
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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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LINDA –
Excellent reference book for every bookkeeper.
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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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GENOWEFA –
5
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MARGARET –
Very hard. Did notlike this topic
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IBHATE –
VERY GOOD
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JOSEPH –
Very good
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DAWN –
Thorough, informative, easily understood.
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DONNA –
This is a couse that is needed if you work with an inventory based business. It is good to have a knowledge of this information.
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DEANNA –
the course was informative
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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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HELEN –
Rate 4 stars
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BETH –
Liked the format and quiz process.
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GAYLE –
Inventory is hard to understand unless you work with inventory
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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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JEAN –
EASY TO UNDERSTAND
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MICHELE –
Better than the AICPA; tests a bit low level. Need more examples with computations finished.
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NATALIE –
No comment
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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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