4.50/5 stars (485 customer reviews)

$59.00

Learn the perpetual and periodic methods for recording inventory. Find out how to cost out inventory and record cost of goods sold using the weighted and moving average, FIFO, LIFO and lower of cost or net realizable value (LCNRV) methods. Double-quiz in each section assures that you master it

ISBN: 9781938741081
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Description

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

Additional information

Book Type

Softcover Book, Online eBook

Series

Certified Bookkeeper Course Series: Everything you need to study for the national CB exam

  • Complete preparation for the national Certified Bookkeeper exam!
  • Double-quiz in every workbook section assures mastery of every skill!
  • Workbook quiz questions mimic the national exam questions!

 

 

 

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4.5 out of 5 stars

485 reviews

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  1. JOSE

    Great material.

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  2. LORI

    The course is clear and easy to understand.

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  3. BRIDGETTE

    Easy to follow, informative, good examples given

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  4. ATHENA

    I found this course to be comprehensive and helpful. The quizzes covered the materials well.

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  5. PAULA

    I found Mastering Inventory to be very practical and of course a great review of subject matter I haven’t covered for decades. The only comment is I found the coverage of Perpetual Moving Average Method to be a little confusing, specifically the illustration. However got through it with great understanding

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  6. JOSEPH

    This is a great inventory costing review for Accounting graduates like me, but it also does a great job presenting the methods and rationales of the various costing methods, including MACRS. It helped me internalize (finally) the rationale of the depreciable basis for each method, and I now have a much better understanding of MACRS.

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  7. XIANGHUA

    Really helpful to have all the information in one book. The quiz really verify your understanding.

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  8. ZULEMA

    It was very interesting and I learned a lot

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  9. STEPHANIE

    Great review and questions at the end of each section to help with overview of knowledge.

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  10. MATT

    Good class and informative

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  11. XIN

    Easy read and chapters are well organized.

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  12. MUHAMMAD

    Course curriculum its really professional. Its recall my mind which I had study before.

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  13. MOHAMMAD

    Clarity of the topic and easy examples to understand. Topic on Cost or Market Valuation of inventory provided useful guideline. It would have been more beneficiary if there had been more question on the topic for practice purposes. However, again a very well defined and easy to follow and understand each head of inventory valuation.

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  14. NELLY

    It was very interesting and I learned a lot

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  15. ABDULLAH

    excellent

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  16. MD

    Amazing book.

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  17. RICHARD

    Book and instructor covered material well.

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  18. WENDY

    4.5 stars

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  19. NARDO

    Each chapter is very thorough and comprehensive. The combination of explanation and exercises prepare us to complete the final exam successfully.

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  20. VICKI

    This was a straight forward class that exceeded my expectations. Everything was well written and complete in subject matter.

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  21. JOSY

    I learned a lot from this book.

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  22. CARRIE

    Enjoyed learning about Inventory in this series. I was new to the topic other than from previous short courses to understood current methods used in the businesses I supported at the time. Further, this book provided me well understood explanations on each method of Inventory used. Found that FIFO was much easier for me to understand in both the periodic and perpetual methods than LIFO’s periodic method. In fact, the LIFO section took more time to understand. In summary, I would highly recommend learning Inventory from this book as its thorough and provides example problems that are relatable to what is currently required in todays’ business world. The quizzes are the most important and should be taken over and over to fully understand each method. I found reading each section fully 2-4 times was beneficial to completing the Final Exam in less time. I had taken a trial of the final exam, and still had some difficulty with some of the questions that took me a bit longer to answer. Overall, the Final exam (back of book) requires at least 2 1/2 hours, however it took me almost 4, as some of the questions took me back to reference the material, and was helpful in correcting the wrong ideas I had at the time.

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  23. JANE

    Found it very thorough.

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  24. LINDSEY

    Enough information with out overload.

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  25. CHARLES

    very good

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  26. JANNET

    Very good course

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  27. FARHANA

    Need more explanation on each lesson for entry level students

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  28. BADEWA

    I learned so much about inventory.

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  29. LORAINE

    Very Concise and examples were easy to follow

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  30. AMY

    Need interactive study materials online. Not just PDF versions of books

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