Inventory & Merchandising Transactions-Excel Practice Proble

🌟 Course Title: Inventory & Merchandising Transactions-Excel Practice Problems

What You'll Achieve in This Course 🚀

Merchandising Transaction Mastery: Dive deep into the intricacies of purchasing and selling inventory, learning how to handle sales discounts, purchase discounts, sales returns, and inventory shrinkage. You'll master the art of calculating the cost of goods sold, all while understanding the differences between perpetual and periodic inventory systems.

Cost Flow Assumptions: Explore the three primary inventory costs flow assumptions: Specific Identification, First In First Out (FIFO), and Last In First Out (LIFO). Additionally, learn about the weighted average method to track your inventory accurately.

Excel Proficiency: Put your Excel skills to the test with real-world problems that will solidify your understanding of merchandising transactions in the context of a perpetual or periodic inventory system.

Your Instructor: Robert (Bob) Steele 👨‍🏫

Credentials:

• CPA - Certified Public Accountant
• CGMA - Chartered Global Management Accountant
• M.S.T. - Master of Science in Taxation
• CPS - Certifies Post-Secondary Instructor
• Curriculum Development Expert

With a rich background in accounting concepts and software like QuickBooks, Bob combines technical expertise with extensive experience in education. As an instructor who has both taught at the post-secondary level and worked with clients across various levels, he brings a wealth of knowledge to the course. His expertise in designing courses ensures that you'll learn in a logical, effective manner.

Course Structure:

1. Merchandising Transactions Overview: Understand the life cycle of inventory from purchase to sale, including all related transactions and considerations.

2. Inventory Systems: Perpetual vs. Periodic: Learn when and how to use each system, and the implications for record-keeping and reporting.

3. Sales Discounts & Purchase Discounts: Navigate the nuances of sales and purchase discounts, ensuring accurate recording of these transactions.

4. Inventory Shrinkage & Sales Returns: Tackle the challenges of inventory loss and managing returns, learning how to record these in your accounts.

5. Financial Statements for Merchandising Companies: Analyze financial statements, focusing on the complexities they present for merchandising businesses.

6. Comprehensive Practice Problems: Apply your knowledge with two comprehensive problems that cover financial transactions and the entire accounting cycle for a merchandising company.

7. Inventory Tracking Methods: Learn about and apply different inventory tracking methods, including:

• Specific Identification
• First In First Out (FIFO)
• Last In First Out (LIFO)
• Weighted Average

8. Inventory Cost Considerations: Explore various inventory costs such as freight, insurance, and purchase discounts, and understand their impact on your financial statements.

Hands-On Learning with Real Problems 📊

This course is designed to provide you with hands-on experience through practice problems that mirror real-life scenarios. You'll apply what you learn directly into Excel, ensuring a deep understanding of merchandising transactions within an inventory management context.

Join the Community of Learners 🎓

Embark on this learning journey with peers who are just as passionate about mastering inventory and merchandising transaction management. Engage with your fellow learners, share insights, and build a network of professional contacts.

Enroll now to transform your expertise in inventory and merchandising transactions with the power of Excel! 🎯