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
JEFFREY –
Excellent course, very thorough
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SOL –
Easy to follow material. The exercises are very good.
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CHERYL –
Although I have never needed to track inventory for the companies I have worked for I would feel confident to take on a client with inventory.
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LAURIE –
All of the AIPB continuing education books are very well done. Easy to understand verbage and a lot of examples and problems to work through. The two quizzes at the end of each chapter are extremely helpful by making it another tool to test how well you are understanding the subject matter.
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JEMIL –
Above expectation
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DEBORAH –
same as my review for adjusting entries.
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MARY –
Would like to take the class online.
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LAWRENCE –
The chapter layout, examples, sample tests were all very good. Like the other courses I’ve taken, however, I think each course book should be indexed to specific issues and definitions so that when we come across problems in the field we could have a quick look up in an index to go directly to the page where the item is discussed.
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MARISSA –
I really really had a hard time with this course, it should be revised in same way to be more informative.
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PATRICIA –
I found this course a bit difficult to follow, however, our business does not deal with an inventory of products. We do direct sales and service.
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MELISSA –
Examples and problems were good at the end of each section.
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LISA –
Easy to follow.
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DONNA –
Course material was adequate.
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CRYSTAL –
All courses I took prepared me well for the exam, were easily understood, and relevant.
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