Peer Review

Accounting for Inventories

Material Detail page

Reviewed:: Jan 31, 2019 by Business

Bookmark

Ratings

Overall Rating:

Content Quality:

Effectiveness:

Ease of Use:

Overview:

This web-based accounting tutorial is hosted on the SimpleStudies.com learning website. It consists of a concise article, similar to that found in a textbook covering the basics of inventory cost flow methods. Accounting for Inventories is lesson seven of eight in the accounting tutorial series and focuses on the FIFO, LIFO, and weighted average inventory cost flow methods. Sample computations for each method and respective financial statement differences are illustrated. Study notes, an accounting glossary and example problems can be downloaded free from the site, however, to access homework, quizzes, and exams, a paid subscription is required.

Type of Material:

Tutorial

Recommended Uses:

Recommended as homework or as an individual self-paced tutorial.

Technical Requirements:

Reviewed using Firefox and Microsoft Edge version 41.

Identify Major Learning Goals:

Students will be able to calculate ending inventory and cost of goods sold amounts using the FIFO, LIFO, and weighted average cost flow methods under the periodic and perpetual systems.
Students will also understand the impact on the three basic financial statements.

Target Student Population:

High School, College Lower Division (undergradutate financial accounting).

Prerequisite Knowledge or Skills:

Basic knowledge of introductory accounting and financial statements for business.

Content Quality

Rating:

Strengths:

Provides concise coverage of topic with relevant examples and practice problems.
Content is accurate and provides a complete demonstration of the concepts.
Excellent summary of topic of inventory valuation and cost flow methods.
Students can complete as a self-paced tutorial, or use as a study guide.

Concerns:

This tutorial is not a research-based tutorial, and as a resoult, academic sources of the material were not listed.
Content is primarily text based.

Potential Effectiveness as a Teaching Tool

Rating:

Strengths:

Topics are explained well. The material consists of a series of web-based tutorials that follow a logical sequence, building on prior topics.
The material presented reinforces concepts progressively, starting with basics, then introducing more advanced concepts.
The tutorial provides quizzes at end of each module, with links back to related tutorial topics, and an accounting dictionary.

Concerns:

Does not identify prerequisite knowledge.
The material lacks mental/visual engagement or interaction with the audience. Some form of animation is needed to mentally stimulate the audience.
A narrator with a captivating voice would enhance the tutorial.

Ease of Use for Both Students and Faculty

Rating:

Strengths:

Easy to follow tutorial. The example problems covering inventory valuation methods were clear.
The website is engaging with good use of color and graphics in the accounting examples. Design is high quality.

Concerns:

· The tutorial is not interactive, in the sense that student responses drive content. It amounts to a written article to demonstrate a core concept in accounting similar to content found in a typical introduction to financial accounting textbook.

Other Issues and Comments:: This tutorial is hosted on the SimpleStudies.com educational content site, which provides free basic access to accounting tutorials. The site is ad-based. A paid subscription plan is available which provides more content and exam material.
Creative Commons: