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
JANET –
This book is great with all kinds of good information about inventory
Upvote if this was helpful (0) Downvote if this was not helpful (0) Flag for removal
HANK –
well prepared
Upvote if this was helpful (0) Downvote if this was not helpful (0) Flag for removal
ANNE –
.
Upvote if this was helpful (0) Downvote if this was not helpful (0) Flag for removal
NEVILLE –
Inventory systems and pricing are explained exhaustively.
Upvote if this was helpful (0) Downvote if this was not helpful (0) Flag for removal
MIR –
This book can be used as a reference book.
Upvote if this was helpful (0) Downvote if this was not helpful (0) Flag for removal
SAMUEL –
The course is good.
Upvote if this was helpful (0) Downvote if this was not helpful (0) Flag for removal
JEREMY –
Good course. Excellent explanation and examples in the text.
Upvote if this was helpful (0) Downvote if this was not helpful (0) Flag for removal
GEORGIE –
very helpful
Upvote if this was helpful (0) Downvote if this was not helpful (0) Flag for removal
MOHAMMAD –
Good.
Upvote if this was helpful (0) Downvote if this was not helpful (0) Flag for removal
BLESILA –
Excellent!
Upvote if this was helpful (0) Downvote if this was not helpful (0) Flag for removal
FANGYUAN –
Love it!
Upvote if this was helpful (0) Downvote if this was not helpful (0) Flag for removal
DAVID –
good course. Covered concepts very well
Upvote if this was helpful (0) Downvote if this was not helpful (0) Flag for removal
ANA –
Very useful and practical, each topic one can easily grasps. Keep it up!
Upvote if this was helpful (0) Downvote if this was not helpful (0) Flag for removal
BETHANY –
The plethora of information was very useful.
Upvote if this was helpful (0) Downvote if this was not helpful (0) Flag for removal
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.
Upvote if this was helpful (0) Downvote if this was not helpful (0) Flag for removal
STEVE –
Made me realize how many types are involved.
Upvote if this was helpful (0) Downvote if this was not helpful (0) Flag for removal
SHELIA –
excellent course review
Upvote if this was helpful (0) Downvote if this was not helpful (0) Flag for removal
RIFAT –
very good.
Upvote if this was helpful (0) Downvote if this was not helpful (0) Flag for removal
SOPHIA –
I thought the adjusting entries work study book provided me with what I needed to pass that portion of the test
Upvote if this was helpful (0) Downvote if this was not helpful (0) Flag for removal
TAFFY –
OK
Upvote if this was helpful (0) Downvote if this was not helpful (0) Flag for removal
RUTH –
I was satisfied with all of the courses. They provided a good review and adequately prepared me for the exams.
Upvote if this was helpful (0) Downvote if this was not helpful (0) Flag for removal
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.
Upvote if this was helpful (0) Downvote if this was not helpful (0) Flag for removal
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.
Upvote if this was helpful (0) Downvote if this was not helpful (0) Flag for removal
MELIA –
I work with minimal amount of clients that use Inventory but I now understand the differences.
Upvote if this was helpful (0) Downvote if this was not helpful (0) Flag for removal
ELIZABETH –
I had experienced and instance or two regarding items on back order.
Upvote if this was helpful (0) Downvote if this was not helpful (0) Flag for removal
JULIA –
Very good.
Upvote if this was helpful (0) Downvote if this was not helpful (0) Flag for removal
NARINE –
I have not finished reading the rest of the material yet, but I am in the process.
Upvote if this was helpful (0) Downvote if this was not helpful (0) Flag for removal
MARION –
Helped with my current job duties.
Upvote if this was helpful (0) Downvote if this was not helpful (0) Flag for removal
LYUDMILA –
find course easy and very structural
Upvote if this was helpful (0) Downvote if this was not helpful (0) Flag for removal
SUSAN –
The class was great. Very Informative!
Upvote if this was helpful (0) Downvote if this was not helpful (0) Flag for removal