Mastering Inventory

April 10, 2023
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495.00

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Learn the perpetual and periodic methods for recording inventory. Find out how to cost out inventory and record cost of goods sold using the weighted and moving average, FIFO, LIFO and lower of cost or net realizable value (LCNRV) methods. Double-quiz in each section assures that you master it.

Course Content

Mastering Inventory Lesson 1 14 MIN

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

Mastering Inventory Lesson 2 42 min

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.
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.

Mastering Inventory Lesson 3 25 min

Weighted average costing
How to compute ending inventory and COGS using weighted average costing (periodic method) and moving average costing (perpetual method).

Mastering Inventory Lesson 4 28 min

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.
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.

Mastering Inventory Lesson 5 35 min

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 recover

Mastering Inventory Final Exam

Course Content

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