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
MELISSA –
A few years back I used the workbook to prepare for a amil in test. If you are considering that to be taking a course …. I felt it was effective. If there is an actual online or live course, I can’t say.
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RENWICK –
very informative and good reference material.
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MARTIN –
Very good book.
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JACK –
OK
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CATHY –
It would help to get tests back to see what was done correctly & what was missed. The course explantions were easy to understand.
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TONY –
Was easy to understand and covered the material could have used a few more examples/questions to assist someone who perhaps does not have an accounting background.
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ALBERT –
Very Good
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PAULA –
It has been 9 years, but what I can remember the information covered was good.
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CHRISTY –
I found the course a helpful review of the different methods for inventory accounting
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