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.
Upvote if this was helpful (0) Downvote if this was not helpful (0) Flag for removal
EILEEN –
introduced a few new ways to do things and because of that was very interesting
Upvote if this was helpful (0) Downvote if this was not helpful (0) Flag for removal
DIANE –
very comprehensive.
Upvote if this was helpful (0) Downvote if this was not helpful (0) Flag for removal
RITA –
it was very clear and up to the point.
Upvote if this was helpful (0) Downvote if this was not helpful (0) Flag for removal
CHRISTINA –
Satisfied
Upvote if this was helpful (0) Downvote if this was not helpful (0) Flag for removal
REBECCA –
The book was helpful in preparing me for the exam.
Upvote if this was helpful (0) Downvote if this was not helpful (0) Flag for removal
GRACE –
Good material, well organized. An in-depth presentation of inventory costing methods, that goes beyond what a regular Accounting book would cover.
Upvote if this was helpful (0) Downvote if this was not helpful (0) Flag for removal
ANGELA –
Very good course. Very informative.
Upvote if this was helpful (0) Downvote if this was not helpful (0) Flag for removal
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!
Upvote if this was helpful (0) Downvote if this was not helpful (0) Flag for removal
ROY –
Well written, I will definitely be able to apply what I’ve learned.
Upvote if this was helpful (0) Downvote if this was not helpful (0) Flag for removal
TONYA –
Great.
Upvote if this was helpful (0) Downvote if this was not helpful (0) Flag for removal
TONYA –
Great.
Upvote if this was helpful (0) Downvote if this was not helpful (0) Flag for removal
KAREN –
Difficult to rate since I do not work with inventory in practice. It seemed to provide a good general overview
Upvote if this was helpful (0) Downvote if this was not helpful (0) Flag for removal
EILEEN –
Very easy to understand.
Upvote if this was helpful (0) Downvote if this was not helpful (0) Flag for removal