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
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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MANAYE –
Excellent!!!
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DIANE –
Very detailed. Takes you through various types of Inventory control methods.
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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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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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ABAGAIL –
Difficult to follow little to no explanations to help understand the information.
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SHERRY –
Very thorough book. I felt like I actually learned something when I was done.
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LUIS –
I liked the examples and exercises!
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AMARE –
I found the course useful for my career
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DANIELA –
Great course
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KARL –
Excellent review of important Bookkeeping functions!
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GINA –
I think this can be better,
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MARY –
Good review on inventory methods.
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YIM –
the course contents are easy to understand and precise. I would continue to take some other courses and would expect their contents to give more examples of how to manage it practically.
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THERESA –
Good use of math to help illustrate and explain the various ways of costing inventory.
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AGNIESZKA –
Subject explained very well
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MONISOLA –
The materials provided are detailed enough and the quizzes and the final exam prepare me adequately for the exam
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TIOMBE –
I purchased this book for friend because I found it helpful.
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ALTINAY –
Each chapter in this Course consists from detailed workshops and tables. That makes clear understanding of the applied concepts after practicing calculations in workshops.
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ANDRE –
I am highly satisfied with the course. It is presented in a way that helped me grasp the essentials related to the various costing methods with little or no difficulty despite the time, work and family constraints. The presentation, examples and the quiz again, facilitated my understanding of the course.
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DEIRDRE –
Very hard
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RAMIE –
A thorough introduction into inventory management
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GAIL –
This book and test were excellent!
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JOLENE –
Parts confusing
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ERALDA –
The books is very helpful, great examples.
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DONNA –
Inventory has always been my weak point. After this course I have much more confidence in dealing with inventory
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MICHAEL –
Excellent, very detailed and easy to understand.
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JOSE –
Its a very complete course, with awesome examples and questionnaires. I learned how to handle the basics for inventory accounting.
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HUONG –
Excellent
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SCOTT –
This book does a great job of explaining Inventory. It goes through all the different methods and explains how to calculate them. I really like the structure of the AIPB books; concise, easy to understand chapters with examples and plenty of problems to work in the form of 2 quizzes after each chapter. It’s hard not to learn the content!
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