Get to Know about Inventories and Their Valuation with Myhomeworkhelp.Com
Want to understand the complicacies of inventory valuation? Inventories undoubtedly are an important part of an organization. It is one of the important elements of an enterprise. In some businesses, inventories constitute the bulk of the working capital. Thus, learning about inventory valuation becomes crucial for the students to manage the accounting problems of an organization successfully. But the presence of different modes of calculation confuses students and makes them procrastinate on working on their assignments.
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What is inventory valuation?
Inventory valuation is the amount associated with the inventory of an organization at the end of a reporting period. It becomes a part of the cost of goods sold and is often used as collateral for loans. The inventory valuation is on the basis of costs incurred by an organization to acquire the inventory, sell it under certain conditions and transport for selling purposes. Selling cost cannot be added to this. Inventories and their valuation assignment help can help understand it better.
What can be included in inventory valuation?
Under inventory valuation, certain costs can be included, and others cannot. The costs which can be included are as follows:
What is the importance of inventory valuation?
Inventories and their valuation assignment help can assist students in understanding its importance. It is important because:
Methods of inventory valuation
It is a widely known fact among accounting students that there exist two types of accounting systems for recording inventory. Namely, they are- perpetual and periodic. The perpetual accounting system comprises of four types of inventory valuation methods. These are:
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