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
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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SUSANNE –
Helpful.
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FERNANDO –
Very comprehensive.
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ADRIEN –
Will be taking the test soon.
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SHEIKH –
Mastering Inventory is very well written to refresh your knowledge about the subject. It is suggested to include online practice questions also.
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MADELYNE –
I really appreciate the methodical way you step through the concepts and that you have lots of examples and lots of independent exercises to do.
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NANCY –
I learned a lot.
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ELLEN –
A very comprehensive and helpful information, easy to understand and very useful at work. Thanks a lot!
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CHARLES –
I was able to do very well on the test and it came in handy as I was able to handle my Tax preparation courses very well also
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YOLANDA –
Very informative and helpful but examples are simple. You should show more examples that are more complicated in nature.
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FLORIN –
Great manuals, straight forward . However, terminology and questions in the exams at prometric centers together with twisted questions might be challenging for students for which English is not the native language. / AIPB staff – extremely nice , informative and responsive to any questions / concerns. / Always recommended AIPB to my circle of friends – great organization .
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MARGARET –
Very detail and comprehensive
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BONNIE –
Very informative, easy to follow. Glad there was a mail in test.
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LILLIAN –
Most difficult of all but was able to pass test first time. Great review when you have not looked at your accounting book for a while.
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GODWIN –
satisfactory
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MELANIE –
For some reason, I found these test questions very confusing. I thought I know inventory but would be stumped on some of the questons.
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EBOU –
This course was easy to understand. I love it and would recommend it to anyone.
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NORMAN –
I really liked the inventory book. The book did a great job of explaining each of the inventory methods and providing step by step instructions on calculating COGS, and Ending Inventory. Would definitely recommend.
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IVY –
excellent
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DONNA –
It was easy to read and follow along
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GEORGE –
The practice exercises and final examination helped my confidence and preparation for completing the Certified Bookkeeper Part 3 – workbook exam: Inventory.
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BETTY –
Explanations were very easy to understand. Very well written. The Quizzes were very helpful.
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MARY –
I found to be very good learning experience
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TINGTIN –
Good
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BETTY –
Gives good information
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MUNISH –
I am satisfied with the course work and it helped me a lot to learn it from scratch.
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GEORGE –
Provides good examples of various inventory valuation methods and how these relate to small business accounting.
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