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
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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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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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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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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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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SANDRA –
Excellent – and I meant to click 5 stars also on the “Correction of Accounting Errors” course
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