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
MYRA –
I love the courses that AIPB offer. They are up to date and very easy to understand.
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JIE –
Help and great
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JULIE –
excellent course
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NINA –
Currently studying. So far so good
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JOSE –
Great material.
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BRIDGETTE –
Easy to follow, informative, good examples given
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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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XIANGHUA –
Really helpful to have all the information in one book. The quiz really verify your understanding.
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ZULEMA –
It was very interesting and I learned a lot
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STEPHANIE –
Great review and questions at the end of each section to help with overview of knowledge.
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XIN –
Easy read and chapters are well organized.
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MUHAMMAD –
Course curriculum its really professional. Its recall my mind which I had study before.
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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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NELLY –
It was very interesting and I learned a lot
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ABDULLAH –
excellent
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MD –
Amazing book.
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RICHARD –
Book and instructor covered material well.
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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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VICKI –
This was a straight forward class that exceeded my expectations. Everything was well written and complete in subject matter.
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JOSY –
I learned a lot from this book.
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JANE –
Found it very thorough.
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