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Inventory is a complete record of items or goods in stock. A Stock consists of finished goods prepared for sale, raw materials, and goods in the process of production. The method used to evaluate the cost of goods sold and the cost of ending inventory is known as Inventory valuation method. This directly affects the total current asset, total asset balances and the inventory. The costs that are included in an inventory valuation are: – direct materials, direct labour, freight, handling, production overhead and import duties. There are four different types of inventory valuation methods based on the application by private and public companies – Specific identification method, First-In First-Out (FIFO) method, Last-In First-Out (LIFO) method and average cost method. Inventory valuation and it different methods are explained in Methods of Valuation of Inventories Assignment Help.
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Methods of Valuation of Inventories
The different methods of valuation of inventories explained in Methods of Valuation of Inventories Assignment Help are
• Specific Identification Method – Specific Identification method is a type of valuing inventories method. It is the simplest of all methods of valuing inventories. This method is used when the cost of each and every individual item that is sold is known by the company. The inventory account is reduced or credit when an inventory product is sold, and the cost of goods is increased or debited for the amount that is paid for each individual inventory product. Examples of business where this type of method is practiced are- jewelers, art galleries, automobiles, etc.
• First-In, First-Out (FIFO) Method – FIFO is a type of valuing inventories method.The cost of goods sold that uses the cost of the oldest products in the inventory first is valued in this method. According to FIFO, the goods that are sold first are those that are bought first. The cost of goods that are bought first (First-in) is the cost of goods sold first (First-out). The disadvantage of this method is that it increases the company’s tax. To study about FIFO method one shall refer to Methods of Valuation of Inventories Assignment Help.
• Last-In, First-Out (LIFO) Method – LIFO is a type of valuing inventories method. In this method the products that are placed last in inventory are sold first. This is evaluated in an accounting year. The advantage of this method is that it reduces a company’s taxes thereby increasing cash flow, and hence this method is commonly used by companies.
• Average Cost Method – Average Cost method is a type of valuing inventories method. In this method, the average of all units (ready for sale) is taken during the accounting period. In order to determine the value of the cost of goods sold, average cost is used in this method. The other methods of valuation of inventories can be studied in Methods of Valuation of Inventories Assignment Help.
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