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
Most difficult of all but was able to pass test first time. Great review when you have not looked at your accounting book for a while.
satisfactory
For some reason, I found these test questions very confusing. I thought I know inventory but would be stumped on some of the questons.
This course was easy to understand. I love it and would recommend it to anyone.
I really liked the inventory book. The book did a great job of explaining each of the inventory methods and providing step by step instructions on calculating COGS, and Ending Inventory. Would definitely recommend.
excellent
It was easy to read and follow along
The practice exercises and final examination helped my confidence and preparation for completing the Certified Bookkeeper Part 3 – workbook exam: Inventory.
Explanations were very easy to understand. Very well written. The Quizzes were very helpful.
I found to be very good learning experience
Good
Gives good information
I am satisfied with the course work and it helped me a lot to learn it from scratch.
Provides good examples of various inventory valuation methods and how these relate to small business accounting.
I am currently about half way through the coarse and I find it very informative and easy to understand. I would recommend it highly.
Excellent
The first six sections were concise and informative. The seventh section did not offer the same caliber of information as many terms were “glossed” over and the reader was supposed to accept them as “given” with no further explanation. Clean this section up and this will be a five star course.
More material on what the IRS expects from companies please.
Did not complete the exams, I would rate 5 stars
This course covers inventory recording use perpetual and periodic method, inventory costing use WA and MA, FIFO, LIFO method and LCM rule.
information and examples in course manual are very easy to follow
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.
Exceeded my expectations. Very clear and handy course.
It gives me a good insight into the topic.
I found this book to very helpful in preparing me for the exam. It was easy to follow and understand.
good review
I got a better understanding of how inventory is evaluted.
Excellent material. Highly recomended.
This course was informative.
The book is easy to read and understand.