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
JANET –
Thanks this book is great and has helpful information.
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JUAN –
Excellent
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ABELARDO –
The most difficult one for me. I do not work with inventories and what I learned is that by knowing which method is more beneficial for a client to use. Now I am able to explain it.
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TERECITA –
Sooooooooo hard to grasp in a book format.
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NICOLLE –
Good
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DEBORAH –
Great book!
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LORI –
This was a good overview but I would have liked the manufacturing inventory information to be covered as well.
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ELIZABETH –
Lots of in-class review and preparation for exam. I was well prepared for it.
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DOUGLAS –
I thought the book was very helpful; it had a comprehensive analysis of the subject.
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ALLISON –
Excellent workbook. Effective in terms of gaining a good understanding of the basic concepts. Good amount of practice questions and quizzes. Well organized for reviewing material again later. Very satisfied with workbook not being geared toward 100% memorization.
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BENJAMIN –
Well done course for a difficult topic.
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MORAEME –
The text and content is easy to read, and the information is very practical.
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TIANRONG –
It was very helpful to me to passed the exam.
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YAIMA –
Great! thanks
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MARIA –
I have taken two courses and both were very well put together. I intend to take more courses too. I highly recommend these courses.
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DEBORAH –
Good introduction to the many ways to track inventory. Would have liked to see some non-manufacturing examples.
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JING –
very good
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LISA –
Good Information
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IRYNA –
Great
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RINKU –
Good
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MIGUEL –
I have seen the course as a refresh of prior objectives learned, and did not find much change along the time.
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JOANNE –
tough book but seems to cover everything. i learned a lot.
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M –
Very good presentation of depreciation methods. Clear examples
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HISAE –
The workbook was easy to understand
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OWEN –
Very thorough and informative. The practice and problems were more than adequate to gain a complete understanding of the subject matter.
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DEBORAH –
Informative and beneficial to fine-tune knowledge for new position.
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KWADWO –
The course is step by step approach, makes it easier for students to follow.
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VICKI –
The outline was thorough and very explanatory. It would be helpful to have available the correct answers to the final exam.
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SLADANA –
I am satisfied with all AIPB books. Very informative and well written.Good to have on hand when I have questions.
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CHRISTOPHER –
Very good book
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