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
Good review on inventory methods.
the course contents are easy to understand and precise. I would continue to take some other courses and would expect their contents to give more examples of how to manage it practically.
Good use of math to help illustrate and explain the various ways of costing inventory.
Subject explained very well
The materials provided are detailed enough and the quizzes and the final exam prepare me adequately for the exam
I purchased this book for friend because I found it helpful.
Each chapter in this Course consists from detailed workshops and tables. That makes clear understanding of the applied concepts after practicing calculations in workshops.
I am highly satisfied with the course. It is presented in a way that helped me grasp the essentials related to the various costing methods with little or no difficulty despite the time, work and family constraints. The presentation, examples and the quiz again, facilitated my understanding of the course.
Very hard
A thorough introduction into inventory management
This book and test were excellent!
Parts confusing
The books is very helpful, great examples.
Inventory has always been my weak point. After this course I have much more confidence in dealing with inventory
Excellent, very detailed and easy to understand.
Its a very complete course, with awesome examples and questionnaires. I learned how to handle the basics for inventory accounting.
Excellent
This book does a great job of explaining Inventory. It goes through all the different methods and explains how to calculate them. I really like the structure of the AIPB books; concise, easy to understand chapters with examples and plenty of problems to work in the form of 2 quizzes after each chapter. It’s hard not to learn the content!
Thanks this book is great and has helpful information.
Excellent
The most difficult one for me. I do not work with inventories and what I learned is that by knowing which method is more beneficial for a client to use. Now I am able to explain it.
Sooooooooo hard to grasp in a book format.
Good
Great book!
This was a good overview but I would have liked the manufacturing inventory information to be covered as well.
Lots of in-class review and preparation for exam. I was well prepared for it.
I thought the book was very helpful; it had a comprehensive analysis of the subject.
Excellent workbook. Effective in terms of gaining a good understanding of the basic concepts. Good amount of practice questions and quizzes. Well organized for reviewing material again later. Very satisfied with workbook not being geared toward 100% memorization.
Well done course for a difficult topic.
The text and content is easy to read, and the information is very practical.