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
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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DILIPKUMAR –
More material on what the IRS expects from companies please.
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VIDYA –
It gives me a good insight into the topic.
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AMY –
good review
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CHARLES –
I got a better understanding of how inventory is evaluted.
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JIFANG –
The book is easy to read and understand.
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BARBARA –
I enjoyed all 6 courses. And was very happy with my new understanding of bookkeeping.
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NICHOLAS –
Great Course.
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BITA –
I found the Payroll course very informative and the tests were related to subjects.
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