Periodic Inventory System for Intermediate Accounting

Mastering inventory accounting is essential for financial reporting accuracy and intermediate accounting exams. This text-based course guides you through the mechanics of the periodic inventory system, breaking down core principles and valuation techniques step by step. You will learn how to accurately compute ending inventory, record purchases and adjustments, and determine cost of goods sold across different cost-flow assumptions. What you'll learn: Understand core inventory terminology, definitions, and the fundamental differences between periodic and perpetual systems; Calculate cost of goods sold (COGS) and ending inventory using FIFO, LIFO, and weighted average methods; Record accurate journal entries for inventory purchases, purchase returns, allowances, and discounts; Apply lower of cost or net realizable value (LCNRV) rules to year-end adjustments; Solve exam-style simulation problems using structured accounting worksheets. The course begins with foundational definitions and accounting rules before moving into practical calculation walkthroughs and written problem sets. Designed for accounting students, CPA candidates, and finance professionals seeking a clear review of inventory fundamentals, no prior advanced accounting knowledge is required. Start reading today to build confidence in financial inventory accounting.