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
MEREDITH –
Overall the book was helpful, but sometimes it was unclear what to do differently between the periodic and perpetual systems.
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EILEEN –
introduced a few new ways to do things and because of that was very interesting
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JAMES –
Good
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DIANE –
very comprehensive.
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RITA –
it was very clear and up to the point.
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CHRISTINA –
Satisfied
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JANICE –
I do not have any job experience with inventory. But reading this book and doing all the exercises is a start.
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MAI –
Great book, very detailed and informative.
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SANJIVANI –
good course
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PETER –
excellent
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REBECCA –
The book was helpful in preparing me for the exam.
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GRACE –
Good material, well organized. An in-depth presentation of inventory costing methods, that goes beyond what a regular Accounting book would cover.
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ANGELA –
Very good course. Very informative.
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LAURA –
Very good book with easy to follow examples.
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EKATERINA –
This course is very simple and easy to understand. I took it as a requirement for the certification. I new inventory from before, but I still enjoyed this course as I feel like my knowledge is more structured now.
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CRAIG –
Simple and straightforward
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JESUS –
Excellent
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KERI –
Very good.
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IRIS –
Excellent. I also remembered a lot from my accounting days.
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RHONDA –
This is a beneficial course to learn various practices to inventory items; and would be highly beneficial for any business (especially small business) desiring to keep more accurate books. This course discusses the GAAP expected to maintain inventory on your books, and pass the CB exam, but I suspect Inventory will continue be a tough area for many. Be careful when taking the final exam and read the questions thoroughly or you could get tripped up. Some questions are not as clear as they could be, so you must choose the better option for some questions. This course is a must for freelance bookkeepers as you’ll likely encounter clients with varying inventory needs… so you’ll need to be versed in all of them! I would fault one particular minor area in this course, and that would be the explanation given regarding freight. But, if you’re familiar with freight practices and bills of lading process/procedures you should be able to extrapolate the desired answers the quiz and final exam are looking for… even without all the details provided. Successful completion of this course counts for significant CPEC’s towards the CB title/certification too!
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ALLISON –
Informative. None of the businesses I’ve worked in, while I’ve been in bookkeeping, have inventory so this was something new for me.
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ROY –
Well written, I will definitely be able to apply what I’ve learned.
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TONYA –
Great.
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TONYA –
Great.
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MEI –
Structural inventory method for easy to study.
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JULIE –
For me this was the most challenging of the 6 courses to become certified. I struggled with it here and there but going through the book a few times and doing all the exercises paid off. I got 100% on my exam and feel I now have a good understanding of the material.
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ALEXANDER –
complicated formulated.
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SANDRA –
Excellent – and I meant to click 5 stars also on the “Correction of Accounting Errors” course
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KAREN –
Difficult to rate since I do not work with inventory in practice. It seemed to provide a good general overview
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EILEEN –
Very easy to understand.
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