n

Module 3 shifts the focus from a service firm to a merchandiser. In Module 3, you will learn how to account for inventory purchase and sale transactions, prepare a multistep income statement, and understand the closing process of a merchandiser. In addition, you will learn how to account for inventory using the First-In, First-Out (FIFO), Last-In, Last-Out (LILO,) and weighted average methods. Next, you will learn about the Sarbanes-Oxley Act, and then explore internal controls for cash receipts and cash payments.