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
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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TIANRONG –
It was very helpful to me to passed the exam.
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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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LISA –
Good Information
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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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HISAE –
The workbook was easy to understand
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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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