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
List Price: $59.00
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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. BASURAM

    It’s useful

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  2. KRISTOPHER

    Very insightful, and easy to understand.

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  3. PATRICK

    The course had some fun and challenging problems.

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  4. RHONDA

    I would have liked to have seen more problems as this is a complicating subject. And more space to work the problems.

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  5. SHAUN

    ,I like the quizzes, and the examples are well written.

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  6. CYNTHIA

    Excellent worktext

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  7. TAMARA

    In-depth and complete. Laid out in a way that was easy to follow!

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  8. ROBERT

    Excellent presentation of complicated material with valuable quiz-and-answer sections as well.

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  9. RASHMIBEN

    Very thorough and to the point book. I gained very good knowledge & understanding of this skills. It is really helping me for my current study.

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  10. JOANN

    I don’t work with inventory for very many clients but the course allows you to get your feet wet.

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  11. MD

    good to apply in real life .

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  12. NATHANIEL

    4.5 Stars. Would like an appendix discussing which types of businesses use which inventory methods and some discussion on when/# of times inventory is taken during a fiscal year for some types of businesses.

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  13. TIM

    very informative

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  14. NANCI

    Helpful material.

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  15. RAM

    Excellent

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  16. KRISHNA

    It is very nice & more useful

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  17. ANNE

    Very thorough, practice problems and quizzes are helpful.

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  18. YU

    Great materials! Kudos to the writers of this book.

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  19. KAREN

    Excellent Book

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  20. JOYCE

    material covered in detail but I’m a simple understandable manner

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  21. MIGUEL

    The process is very good and for me is need practices.

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  22. JOAN

    The information on inventory was great.

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  23. VICKI

    I knew very little about inventory because in my position I have not used it much. However, after the course, I do have more confidence in that if it comes up I will be able to tackle it.

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  24. GUILLERMINA

    I’m not a native English speaker, however, this course has the necessary and correct information to understand the Accounting cycle as well the test program. I’m so glad for it!

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  25. MANAYE

    Excellent!!!

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  26. DIANE

    Very detailed. Takes you through various types of Inventory control methods.

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  27. LYNDON

    Very wlee presented and good ordering of topics. This was a great refresher course for someone who not worked with Inventory as in-depth as the book presented.

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  28. SUSAN

    Not a favorite subject of mine, but the book and quizzes were well written so it was a painless and pleasurable study.

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  29. ABAGAIL

    Difficult to follow little to no explanations to help understand the information.

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  30. SHERRY

    Very thorough book. I felt like I actually learned something when I was done.

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