1.5 CPE In this course, the accounting for inventory in merchandising companies is presented. Both the purchase and sales sides of the transactions will be analyzed, along with sales tax and physical inventory practices. Differences in accounting for both Free On Board (FOB) points will be explained along with dealing with payment discounts.
The Income Statement is expanded to a Multi-Step Income Statement to accommodate the additional information needed to be presented by a merchandising company. Additionally, contra-accounts are added to the list of accounting tools.
Course Series
This course is included in the following series:
11 CoursesBack to the Basics: Accounting Fundamentals
- Accounting Review: The Basics of Debits and Credits
- Transaction Analysis, T-Accounts, Debits and Credits, and Trial Balances
- Accounting Review: Overview of Financial Statements; P&L, Balance Sheet, and Cash Flow
- The Accounting Equation and Financial Statements
- Bank Reconciliations, Cash, and Internal Controls
- Accounts Receivable Training: Bad Debts
- Equipment and Depreciation
- Inventory Costing
- Purchase and Sale of Inventory
- The Adjusting Process
- The Closing Process
Learning Objectives
- Discover core concepts related to inventory for a merchandising business
- Recognize how to perform transactions for the sales of inventory cycle
- Recognize how to perform transactions for the purchase of inventory cycle
- Recognize how to perform other transactions associated with inventory such as sales tax and physical inventory counts
Last updated/reviewed: August 6, 2023
54 Reviews (160 ratings)
Reviews
Anonymous
()
Great course taught step by step in detail for complicated material.
Anonymous
(Consultant)
This is a good course going over the basic transactions of buying and selling inventory. Time could have saved if the journal entries were pre-arranged instead of hand written during the course. That time could have been used in other various accounting issues surrounding inventory that are more than basic.
Anonymous
(Bookkeeper)
Course was quite detailed and gave alot of sample problems to work through. However I did not like the fact that we do not get to see which answers were incorrect on the exam and why? It would be nice to know where we went wrong!
Anonymous
(Accountant)
This was a nice overview of Inventory and the different methods used to calculate COGS. The instructor used several different examples to show the different points of view between the Buyer and seller.
Anonymous
(Accounting Manager)
good course overview of sales/inventory, may be a bit tough if you have never had any experience with sales/inventory. I wouldn't consider this a beginners course. But it is a good one.
Anonymous
(Snr Accounting Consultant, CPA)
Professor Slayter - You are a great teacher! You explained the multi-step income statement very well, the differentiation between FOB - shipping point versus destination.
Anonymous
(Senior Accountant)
Good coverage with lots of buyer - seller parallel examples. Workbook very helpful. Missing answers for pages 10-16. Excellent refresher. Highly recommend this course.
Anonymous
(Consultant)
A great review of merchandise company income statement and Inventory accounting. The journal entries were clear and concise and helpful to understand the concepts.
Anonymous
(Accountant)
I thought this course was very interesting and helpful. I thought the instructor explained the topic very well. I would recommend this course to others.
Anonymous
()
very thorough presentation and a great deal of information. Although I like the interactive presentation I would prefer slides to use as a reference.
Anonymous
()
Good overview of recording inventory relative to buyer/seller perspective. Wish that they would have touched on dead stock or obsolete inventory.
Mahdi Ahmed Ali Abu-Abed
(AM at RSM)
Tthe course requirements have been achieved. What I like the most about the instructore is his course covers both theory and practical questions.
Sean Flynn
(Accounting Manager at Rosemawr Management)
Another good course, enjoyed the instructor. Goes over in depth the inventory for different types of business. Basic level information.
Anonymous
(Accounting Manager)
This was a well explained course and easy to follow along. I was a little disappointed in the visual aids, not very professional.
Anonymous
(Revenue Accountant)
I haven't touched inventory since I was in college. This actually made me think. The examples were comprehensive and helpful.
Anonymous
(Finance)
This was another fun class to take. It is a very well-organized session with clear explanations and many examples to practice.
Anonymous
(Consultant - Process Specialist)
This is a great course for those new to accounting concepts, or for those who have forgotten what they learned in college.
Victoria Kruse, CPA
(Audit Manager at EKS&H)
The course was good teaching the basics and discussion many examples. The instructor was easy to follow and engaging.
Kade Tibbetts
(Transaction Advisory at Intrinsic)
Good refresher on FOB shipping point and FOB destination, as well as discount period application on sales invoices.
Anonymous
(Accounting Manager)
Great course! Good for getting a better understanding of sales/shipping terms and how it impacts the financials.
Tracy Meehan
(- at Mercedes)
I really enjoyed course. I would like to be able to see the correct answer for exam questions wrong.
Grant Brannum
(Agent at Treasury)
Course was fairly comprehensive concerning the topic. The presentation method was pretty effective.
Anonymous
(Consultant)
Good overview
Lawrence Hirsch
(Controller at Builders design)
Erik nice class. FOB this FOB that now I finally understand.
Thanks for the lesson.
Larry
Anonymous
(Controller)
This is a good over in inventory costing, I have not done this type of accounting since college.
Anonymous
(finance controller /Director)
Good to remind basic principle. quite useful and be applied for beginner of trading accountant.
Samuel Narotsky
(Corporate Accounting Consultant at Self Employed)
Good coverage of material. Handouts were not as useful as they are in most other courses.
Corey Masters
(Accountant, Internal Auditor, Risk Speci.. at Self)
This was a good course to review the basics of purchases and sale of inventory.
Anonymous
(CFO)
Showing buyer vs. seller perspective assisted in making this topic very clear.
Kevin Murray
(Business Partner - Strategic Projects at The Wesson Group)
A good basic course. The instructor does a good job of illustrating entries.
Anonymous
(Controller)
The last question did not seem to be worded as well as it could have been.
Renee Brizz
( at gordon + kramer)
I like how the visuals were done - not just reading but more interactive.
Anonymous
(Senior Accountant)
Clear walkthrough of accounting areas pertaining to sales of inventory
Anonymous
(Senior Accountant)
I was surprised with the level of questions compared to the training.
Anonymous
()
I thought I would learn more comprehensive but it was basic concepts
Anonymous
()
lol. I am a CPA. not sure what I was doing here. otherwise very good
Anonymous
()
Overall a good repetition of material. Exam is a bit confusing thou.
Christine Ching
(Senior Associate at CNM LLP)
Please check the answer to the last question in the final exam.
Jay Yen
(Revenue Accountant at Google)
Very clear and understandable explanation of inventory basics.
Anonymous
(Income Tax Senior)
this was a good course on the purchase and sale of inventory.
Anonymous
()
purchase and sale inventory is a good overview course for all
Anonymous
()
Good course on the basics of inventory accounting.
Anonymous
()
Good simple and quick review of the sales process.
Prasanna Thiruvenkatachari
(Partner at Shree Accounting LLC)
Nice refresher for beginners in accounting
Steven Moore
(Certified Management Accountant; CMA at ArdentAccounting)
Very nice introductory review. Thanks!
Anonymous
(Consultant)
Very basic course. No slides included.
Anonymous
(Controller)
Too much time spent on discounts.
Charles Elwis
(Insurance Broker at Health Guys)
Clearly presented review.
Anonymous
()
Good refresher
Anonymous
(Not Provided)
Good overview.
Dennis R. Callahan
(CFO, Financial Reporting, Budgets, Inter.. at CFO Services | Fractional CFO, Financial..)
Veey Good
Antonio Crawford
(Senior Internal Auditor - Budget/Busines.. at Individual)
Excellent
John Thompson
(CEO at westward mgt)
Swell
Patrenia McAbee
(Owner at McAbee Consulting)
good
Prerequisites
Course Complexity: Foundational
No Advanced Preparation or Prerequisites are needed for this course. However, it is recommended to take the other courses in the series prior to completing this one.
Education Provider Information
Company:
Illumeo, Inc., 75 East Santa Clara St., Suite 1215, San Jose, CA
95113
Contact:
For more information regarding this course, including complaint and
cancellation policies, please contact our offices at (408) 400- 3993 or send an e-mail to
.
Erik SlayterAccounting Professor at Cal Poly
About Illumeo
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- Phone: 408-400-3993
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