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
LUCILLE –
Did not complete the exams, I would rate 5 stars
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XIURONG –
This course covers inventory recording use perpetual and periodic method, inventory costing use WA and MA, FIFO, LIFO method and LCM rule.
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CAROLYN –
information and examples in course manual are very easy to follow
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GINA –
The information was presented in a clear concise manner. The quizzes after each section and the tests at the end of the book truly helped to study for the certified bookkeeper exam.
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TATYANA –
Exceeded my expectations. Very clear and handy course.
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KRISTI –
I found this book to very helpful in preparing me for the exam. It was easy to follow and understand.
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NOEL –
Excellent material. Highly recomended.
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KAREN –
This course was informative.
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RASIK –
Great. Tothe point
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RANGAN –
good
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MICHELLE –
Excellent. Very satisfied with material provided in book.
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MEGAN –
Course was good.
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HELENE –
This also was very good for my positions has never been in an company where inventory systems were used
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VILAS –
I have not given its exam yet I will give soon
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COLLEEN –
I found this helpful
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ALIEX –
I found the course extremely helpful.
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ANDREW –
Very good coverage of the topic.
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JANET –
This book is great with all kinds of good information about inventory
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