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
JANET –
This book is great with all kinds of good information about inventory
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NEVILLE –
Inventory systems and pricing are explained exhaustively.
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MIR –
This book can be used as a reference book.
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JEREMY –
Good course. Excellent explanation and examples in the text.
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BLESILA –
Excellent!
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FANGYUAN –
Love it!
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DAVID –
good course. Covered concepts very well
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BETHANY –
The plethora of information was very useful.
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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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SHELIA –
excellent course review
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RIFAT –
very good.
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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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