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
MIR –
This book can be used as a reference book.
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SAMUEL –
The course is good.
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JEREMY –
Good course. Excellent explanation and examples in the text.
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GEORGIE –
very helpful
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MOHAMMAD –
Good.
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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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ANA –
Very useful and practical, each topic one can easily grasps. Keep it up!
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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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STEVE –
Made me realize how many types are involved.
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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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TAFFY –
OK
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RUTH –
I was satisfied with all of the courses. They provided a good review and adequately prepared me for the exams.
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LUELLEN –
All the courses through AIPB are wonderful – I feel I struggled with this one on the exam but I think I rushed myself into this and didn’t spend quality time on it that I should have.
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LUELLEN –
All the courses through AIPB are wonderful – I feel I struggled with this one on the exam but I think I rushed myself into this and didn’t spend quality time on it that I should have.
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MELIA –
I work with minimal amount of clients that use Inventory but I now understand the differences.
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ELIZABETH –
I had experienced and instance or two regarding items on back order.
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JULIA –
Very good.
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NARINE –
I have not finished reading the rest of the material yet, but I am in the process.
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MARION –
Helped with my current job duties.
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LYUDMILA –
find course easy and very structural
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SUSAN –
The class was great. Very Informative!
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JANE –
super fun
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EUI –
Practical contents to apply for reality. Still useful in business as a reference book!
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KAREN –
I like all your course books. They are full of detailed information in a straight forwa, easy to read format. I intend to purchase the tax books also.
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DOROTHY –
I found all subject matters to be clear and easy to follow. If you struggle with the first section of a chapter, the quiz section will surely clear up any questions you may have. I felt very confident with each subject at it’s conclusion.
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