"What are the different methods of Inventory Valuation and how do you prepare them?"

Question

Murtaza · Accepted Answer

FIFO< LIFO < AVCO. They can be prepared on a stock ledger card. It depends on inventory policy, wheter periodic based valuation is appropriate or perpetual based.

Anonymous · Answer

"Weighted Average, LIFO, FIFO...We have to prepare a inventory statement with particulars, entry no"...and then I got stuck as I didn't remember!

Ahsan · Answer

The initial preparation of inventory records will be on bin card, which contains only quantity of inventory, and stores ledger account where both the amount as well as quantity is recorded. As a controller in inventory management department subsequently it will be verified with both documents using any automated software if management has purchased.

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