Ch 32: CEOE Business Education: Inventory Management

About This Chapter

Use our video lessons to brush up on your knowledge of inventory management. These videos, plus lesson quizzes and a chapter exam, offer an effective way to prepare for the CEOE Business Education test.

CEOE Business Education: Inventory Management - Chapter Summary

Let our instructors re-familiarize you with key terms, systems and valuation methods related to inventory management. The lessons in this chapter examine the following topics:

  • Activities and income components of a merchandising company
  • Items that make up merchandise inventory
  • Inventory costs
  • Accounting for inventory purchases and sales
  • Perpetual and periodic inventory systems
  • Inventory valuation methods

Taught by experienced instructors, these video lessons provide a quick and engaging way to study for your certification test. Each lesson is less than 10 minutes long and can be watched anytime on your computer or mobile device. Lesson transcripts provide an additional study tool to help you master lesson materials.

CEOE Business Education: Inventory Management Chapter Objectives

The state of Oklahoma requires candidates to take the CEOE Business Education test for certification to teach business in public schools. The test, which covers 5 business knowledge content subareas, consists of 80 selected-response questions and 1 constructed-response question. Questions regarding inventory management fall under the accounting subarea which makes up 17% of the test. Use our video lessons to help you answer these types of questions on the test.

10 Lessons in Chapter 32: CEOE Business Education: Inventory Management
Test your knowledge with a 30-question chapter practice test
Merchandising Company: Definition, Activities & Income Components

1. Merchandising Company: Definition, Activities & Income Components

Do you know what a merchandising company is? If you said it's a store, you are right. It is a store, but it is also so much more. In this lesson, we are going to discuss some of the major components of a merchandising company.

Items that Make Up Merchandise Inventory

2. Items that Make Up Merchandise Inventory

In order to operate, merchandising companies must carry inventory. What exactly makes up merchandise inventory? In this lesson, you will not only learn the answer to that question, but also several other important factors that relate to merchandise inventory.

Inventory Cost: Definition, Methods & Types

3. Inventory Cost: Definition, Methods & Types

Have you ever thought about how much it costs a business to keep inventory in stock? It's not just the price the business pays for the items that it keeps in stock. It is so much more. In this lesson, we will discuss exactly what constitutes actual inventory cost.

Accounting for Inventory Purchases

4. Accounting for Inventory Purchases

A merchandising company must purchase inventory, and it has to be accounted for in the accounting records. In this lesson, you will learn how to calculate inventory purchase amounts as well as how to record them in the accounting journals.

Perpetual and Periodic Inventory Systems

5. Perpetual and Periodic Inventory Systems

Inventory management is an important part of business success. In this lesson, we will discuss the two types of inventory systems used in accounting today.

Recording Purchases Using the Perpetual System

6. Recording Purchases Using the Perpetual System

Every transaction that occurs in a business, whether it is a purchase or a sale, must be accounted for. In this lesson, you will learn how to record purchases using the perpetual inventory system.

Accounting for Inventory Sales

7. Accounting for Inventory Sales

In order to operate, a business must make sales. In this lesson, we are going to discuss sales of inventory. You will learn the types of sales made, the items that affect sales profit, and the way to record sales in the accounting records.

Inventory Valuation Methods: Specific Identification, FIFO, LIFO & Weighted Average

8. Inventory Valuation Methods: Specific Identification, FIFO, LIFO & Weighted Average

This lesson introduces you to the cost flow assumption methods of specific identification: FIFO, LIFO, and weighted average. You will also learn how to compute inventory in a perpetual system using the methods of FIFO, LIFO, and weighted average.

Net Realizable Value of Inventory: Definition & Method

9. Net Realizable Value of Inventory: Definition & Method

Calculating inventory value is essential for correct reporting in accounting records. In this lesson, we are going to discuss what net realizable value is and why it plays an important role in inventory valuation.

The Lower of Cost or Market of Inventory: Definition & Method

10. The Lower of Cost or Market of Inventory: Definition & Method

No matter what kind of inventory a company has, that inventory has value. In this lesson, we'll talk about valuing inventory using the lower of cost or market rule.

Chapter Practice Exam
Test your knowledge of this chapter with a 30 question practice chapter exam.
Not Taken
Practice Final Exam
Test your knowledge of the entire course with a 50 question practice final exam.
Not Taken

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Other Chapters

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