The inventory tutorial and course provides an overview of inventories and their importance, and the special journals and records used to record and control this key asset. In addition inventory methods, perpetual and periodic, and costing methods and procedures are discussed and illustrated.
The Introduction provides an overview of inventories and their importance, and the special journals and records used to record and control this key asset.
Lesson 1 Inventory Methods discusses the periodic and perpetual methods for accounting for merchandise inventory and how inventory transactions are recorded using each method.
Lesson 2 Costing Methods explains the different methods that are used to determine and assign costs to inventory quantities on hand and sold.
Lesson 3 Estimating Inventories discusses the methods used to estimate the value (cost) of merchandise inventory when no physical count has been taken or few detailed records are available.
Lesson 4 Lower Of Cost Or Market explains why this special rule is used for valuing inventory and how to apply it.
Lesson 5 Accounting for Inventory discusses and reviews the accounts, subsidiary ledgers, records, and special journals used to record inventory transactions using the perpetual and periodic inventory methods.
Lesson 6 What You Should Know summarizes and reviews the methods, information, and knowledge needed to adequately record and control one of a wholesale or retail business's largest assets.