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
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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KATHI –
very helpful
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TINA –
The sections in this workbook were informative, but somewhat confusing.
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MARILYN –
RATE IT VERY GOOD
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KATHLEEN –
Inventory can be an extremly difficult and confusing part of accounting. This course broke it down into components that made sense, I found it to be very understandable and would recommend it.
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THERESA –
I have already passed this test.
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ANN –
good info. Due to computer system csn’t give much info to you
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ANTHONY –
Excellent course. Very good reference.
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AMOS –
Book was very informative. A great review of what I’ve learned in college.
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NINA –
very detailed
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JAMI –
Providing live instruction via online video, webinar, dvd or cd would be great. Have counselors available to provide insight on how to start and build a bookkeeping business.
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AYSE –
My comment for the adjusting entries applies to this section also
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RALPH –
Made clear inventory and costs and helped me to understand how it works.
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HEIDI –
Great course! Lots of information on many types of inventory practices.
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JEFFREY –
Excellent course, very thorough
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SOL –
Easy to follow material. The exercises are very good.
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