Free Inventory Tutorial
Bookkeeping Tutorials & Courses > Bean Counter Tutorials
So, you want to learn Bookkeeping ! Inventory
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.
New Improved Version
For those that would rather watch and listen than read.
What's Improved
- Broke the Lessons down into segments (more manageable "bites")
- Better Menu System
- Added Videos to emphasize key concepts
- More Mobile Friendly
What's Covered ?
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.
What will I learn ?
Learning Objectives
After completing this course, you should know the following:
After completing this course, you should know the following:
- The methods of accounting for inventories are the Periodic and Perpetual methods-what they are and how they're used.
- Inventory amounts are normally stated at cost.
- Various methods such as FIFO, LIFO, Average Cost, and Specific Identification are used to assign costs to the inventory quantities-what they are and how they're used.
- Aware that circumstances at times may require you to estimate inventories using a method such as the Gross Profit Method or Retail Inventory Method.
- At times market conditions may require you to value your inventory at less than cost using a rule called the Lower Of Cost Or Market Rule.
- Some costing methods may require IRS approval.
- The types of records needed to properly record and control inventory quantities and amounts and how to use them.
Merchandise Inventory Tutorial-New Version
For those that would rather watch and listen than read.