Accounting for Purchase and Sale of Inventory
5.0 (1 rating)
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Accounting for Purchase and Sale of Inventory

This course explains accounting for inventory in merchandising companies.
New
5.0 (1 rating)
Instead of using a simple lifetime average, Udemy calculates a course's star rating by considering a number of different factors such as the number of ratings, the age of ratings, and the likelihood of fraudulent ratings.
1 student enrolled
Last updated 7/2017
English
Current price: $10 Original price: $75 Discount: 87% off
5 hours left at this price!
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Includes:
  • 2.5 hours on-demand video
  • 2 Articles
  • 2 Supplemental Resources
  • Full lifetime access
  • Access on mobile and TV
  • Certificate of Completion
What Will I Learn?
  • 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.
View Curriculum
Requirements
  • No advanced preparation or prerequisites are needed for this course.
Description

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.

Who is the target audience?
  • Anyone interested in finance, accounting or related fields.
Compare to Other Inventory Management Courses
Curriculum For This Course
10 Lectures
02:29:08
+
Introduction
8 Lectures 02:29:05

Multi Step Income Statement
14:10

FOB and Payment Terms
04:20

Journal Entries and Buyers Point of View
16:11

Sellers Point of View
08:45

Example: Purchase and Sale of Inventory
11:27

Sales Tax and Inventory Shrinkage
08:07

Core Financial Accounting: Purchase and Sale of Inventory Continuous Play
01:14:32
+
Supporting Materials
2 Lectures 00:03
Notes Template: Purchase and Sale of Inventory
00:01

Workbook: Purchase and Sale of Inventory
00:01
+
Review and Test
0 Lectures 00:00
Review Questions
5 questions

FINAL EXAM
8 questions
About the Instructor
Illumeo Learning
4.4 Average rating
315 Reviews
1,354 Students
241 Courses
Condensed and Efficient Courses for Busy Professionals

Illumeo, incorporated in 2009, is revolutionizing the hide-bound world of corporate learning. Illumeo works with corporate professionals and organizations of all sizes to build the skills and capabilities that help everyone be an expert at their job.

Based in Silicon Valley, CA, Illumeo serves thousands of corporations and corporate professionals across Finance, Accounting, Human Resources, Sales and Marketing. The platform offers assessments, industry-benchmarked competency analyses, hundreds of expert-developed courses, collaborative tools, and the ability for companies to self-publish internal courses that promote institutional knowledge retention and dissemination.

Illumeo is the place for expertise management and we are dedicated to the proposition that everyone can be an expert at their job.

Erik Slayter (Illumeo)
4.2 Average rating
13 Reviews
48 Students
11 Courses

Erik is currently an Accounting Professor at California Polytechnic State University in San Luis Obispo. Formerly, Mr. Slayter served as Division Controller for the San Luis Obispo County division of Waste Connections, Inc. (NYSE: WCN). Prior to Mr. Slayter’s work for Waste Connections, he was Controller and MIS Director for Waller Genetics, a leading horticultural research company based in Santa Barbara County, California. Mr. Slayter’s M.B.A. and degree in Accounting were both earned from California Polytechnic State University in San Luis Obispo. Mr. Slayter holds an active Certified Public Accountant license from the State of California. Mr. Slayter serves as founder and President of CCSoccer Corp., a non-profit recreational, adult soccer league. 

Experience

Professor : Cal Poly San Luis Obispo - [2003-01 to Current]

District Controller : Waste Connections - [2002-10 to 2008-09]

Controller : Waller Genetics - [1997-10 to 2001-09]

Accountant : Shilling & Kenyon Accountants - [1993-10 to 1997-10]

Accountant : KPMG - [1992-06 to 1993-10] 

Education

MBA, Business : California Polytechnic State University-San Luis Obispo - [2006 to 2008]

BS, Accounting : California Polytechnic State University-San Luis Obispo - [1988 to 1992]