(477 customer reviews)

Learn the perpetual and periodic methods for recording inventory. Find out how to cost out inventory and record cost of goods sold using the weighted and moving average, FIFO, LIFO and lower of cost or net realizable value (LCNRV) methods. Double-quiz in each section assures that you master it

ISBN:9781938741081
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$59.00
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Regular Price: $59.00Member Price: $49.00

SKU: 9781938741081 Categories: ,

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

Additional information

Book Type

Softcover WorkBook, Online e-WorkBook

Series

Certified Bookkeeper Course Series: Everything you need to study for the national CB exam

  • Complete preparation for the national Certified Bookkeeper exam!
  • Double-quiz in every workbook section assures mastery of every skill!
  • Workbook quiz questions mimic the national exam questions!

 

 

 

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4.48 out of 5 stars

477 reviews

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What others are saying

  1. DEBRA

    The first six sections were concise and informative. The seventh section did not offer the same caliber of information as many terms were “glossed” over and the reader was supposed to accept them as “given” with no further explanation. Clean this section up and this will be a five star course.

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  2. DILIPKUMAR

    More material on what the IRS expects from companies please.

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  3. VIDYA

    It gives me a good insight into the topic.

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  4. AMY

    good review

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  5. CHARLES

    I got a better understanding of how inventory is evaluted.

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  6. JIFANG

    The book is easy to read and understand.

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  7. BARBARA

    I enjoyed all 6 courses. And was very happy with my new understanding of bookkeeping.

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  8. ECHO

    I guess it’s good.

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  9. OLGA

    The Book is very informative but unfortunately not useful in our time. I get the general knowledge but can not use it because the computers are calculating the average cost of the inventory. The only part can be used is: General Journal Entries. 

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  10. NICHOLAS

    Great Course.

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  11. BITA

    I found the Payroll course very informative and the tests were related to subjects.

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  12. JANET

    This book is great with all kinds of good information about inventory

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  13. HANK

    well prepared

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  14. ANNE

    .

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  15. NEVILLE

    Inventory systems and pricing are explained exhaustively.

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  16. MIR

    This book can be used as a reference book.

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  17. SAMUEL

    The course is good.

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  18. JEREMY

    Good course. Excellent explanation and examples in the text.

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  19. GEORGIE

    very helpful

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  20. MOHAMMAD

    Good.

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  21. BLESILA

    Excellent!

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  22. FANGYUAN

    Love it!

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  23. DAVID

    good course. Covered concepts very well

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  24. ANA

    Very useful and practical, each topic one can easily grasps. Keep it up!

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  25. BETHANY

    The plethora of information was very useful.

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  26. NOAH

    This book is clear and self-explanatory. The way the sections are structured and well laid-out makes the book even more interesting and appealing to read and reinforces one’s knowledge. Because inventory is one of a firm’s crucial areas impacting on its profitability, a thorough grasp of the subject matter is a must. I do recommend this book to any accounting student.

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  27. STEVE

    Made me realize how many types are involved.

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  28. SHELIA

    excellent course review

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  29. RIFAT

    very good.

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  30. SOPHIA

    I thought the adjusting entries work study book provided me with what I needed to pass that portion of the test

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