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
REBECCA –
This was a good course, but the FIFO section could have provided better explanations and examples of how to implement it.
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ALEJANDRO –
Great overview of inventory methodology with a great explanation of the use of the different inventory strategies a company can use.
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LORI –
The course is clear and easy to understand.
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ATHENA –
I found this course to be comprehensive and helpful. The quizzes covered the materials well.
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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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MATT –
Good class and informative
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WENDY –
4.5 stars
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