Methods of stock valuation
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Methods of inventory valuation include first in first out (FIFO), last in first out (LIFO), and weighted average cost (AVCO). FIFO assumes the earliest goods purchased are sold first and values ending inventory at the latest prices. LIFO assumes the latest goods purchased are sold first and values ending inventory at older prices. AVCO makes no assumptions about inventory movement and values goods based on the weighted average unit cost. The method used affects ending inventory valuation and calculated profits.
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Chapter 03 Material Costing
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3. to acquaint with the latest techniques in inventory control
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6 inventory valuation
This document discusses inventory valuation. It defines inventory as assets held for sale, in production, or to be consumed in production or services. There are three main types of inventory: finished goods, work-in-progress, and raw materials/stores. The key methods for valuing inventory are FIFO, LIFO, and weighted average cost. FIFO matches oldest costs to goods sold while LIFO matches newest costs, affecting reported profits. Weighted average smoothes price fluctuations by using average unit costs. The lower of historical cost or net realizable value is the primary valuation standard.
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Recommended
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2) Companies should use consistent inventory methods and disclose their method. Inventory should be written down if market price falls below cost based on principles of consistency, disclosure, and conservatism.
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-Scope of Cost Accounting
-Nature of Cost Accounting
-Relationship b/w Financial Accounting & Cost Accounting
-Cost Accounting v/s Management Accounting
-Objectives of cost accounting
-Function of cost accountant
-Essentials of cost accounting
-Advantages of cost accounting
-Limitations of cost accounting
-Role of cost in cost accounting
-Cost Unit & Cost Centre
-Cost Techniques
-Costing Systems
-Costing Methods
-Cost Classification
-Components of total cost
-Cost Sheet.
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(follow my slide share LinkedIn account for more presentation)
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To learn the practical applications of Marginal costing.
To understand Breakeven charts & Limitation
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This document discusses inventory management. It defines inventory as raw materials, work-in-process goods, and finished goods ready for sale. It notes that inventory is an important asset for businesses as it represents a primary source of revenue. The document outlines the functions of inventory, including meeting anticipated demand and guarding against stock-outs. It also discusses inventory costs like ordering costs, holding costs, and stockout costs. Finally, it introduces the concept of economic order quantity, which is the order size that minimizes total inventory costs.
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5) Requisites for budgetary control system
6) Merits & limitations
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(follow my slide share LinkedIn account for more presentation)
http://www.slideshare.net/unaib763
and LinkedIn account
http://adf.ly/1V10bZ
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Activity-based costing (ABC) is a method of assigning overhead and indirect costs—such as salaries and utilities—to products and services.
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The balance sheet of a partnership is similar to that of a sole proprietorship, except that the capital accounts and current accounts of each partner are listed separately. Current accounts with credit balances are listed as liabilities, while debit balances are listed as assets. The capital section can either show detailed capital account balances for each partner, with current account information in those accounts, or provide a summarized view of final capital and current account balances.
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The document discusses how to prepare an appropriation account for a partnership. The appropriation account is an additional section in the partnership's profit and loss account that shows the distribution of profit or loss to each partner. It appropriates items like interest on capital invested, partners' salaries, interest charged on withdrawals (drawings), and the residual share of profit or loss to each partner according to the partnership agreement.
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This document discusses various methods for sharing profits and losses among partners in a partnership. It outlines that the partnership agreement should state the basis for sharing net income or net loss, and provides examples such as using fixed ratios based on capital contributions, salaries, or interest paid on partners' capital. The objective is to equitably reflect partners' investments and contributions to the partnership. In the absence of an agreement, applicable partnership acts specify equal profit/loss sharing and restrictions on salaries or interest payments.
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A partnership is a business organization owned by two or more persons called partners who come together voluntarily to combine their skills, experience, and resources to make a profit. The key features of a partnership are that it has voluntary association between partners, mutual agency where each partner can act on behalf of the business and bind the other partners, unlimited liability where each partner is personally responsible for the partnership's debts, limited life as it can end when a partner withdraws or dies, and co-ownership of property where assets are jointly owned and distributed based on capital accounts if the partnership dissolves.
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Co-operatives are organizations formed for the benefit of their members and local communities. They provide goods and services to members who are also customers, with profit-making not the main goal. Members buy shares and elect a board of management to govern activities. Co-operatives follow principles of open membership, democratic control, limited returns on shares and patronage refunds based on customer use. They also provide education and cooperate with other co-operatives.
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Limited liability companies have several key features:
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The document discusses the elements needed to calculate the cost of production for Snickers bars using a manufacturing account. It identifies the key costs as raw materials, labor, and operating the factory. Raw materials are a direct cost, while direct costs also include direct wages and expenses. Indirect costs include indirect materials, wages, and expenses that are linked to manufacturing but not specific units. The goal is to understand the direct and indirect costs incurred in producing Snickers bars.
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The document discusses preparing manufacturing accounts to calculate the unit cost of items produced. It provides:
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2) Key areas of the manufacturing process like raw material consumption, prime costs, factory overheads and cost of goods manufactured are calculated.
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Settlement cash discounts provide a percentage discount to customers or suppliers for paying their accounts early. These discounts are recorded in discount allowed and discount received columns in a three column cash book. Discount allowed is given to customers and credited to their accounts, with the total recorded as an expense. Discount received is from suppliers and debited to their accounts, with the total recorded as revenue.
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- 1. Methods of inventory valuation Section 10 Objectives 6 and 7 (a) List methods of inventory valuation (b) Calculate the value of closing inventory (c) Assess the effect of different methods of inventory valuation on profit
- 2. Methods of inventory valuation • Reasons for valuing unsold inventory: • Business owners value unsold stock at the end of each financial year so that he or she can calculate the gross profit or loss made on sales • The ending inventory figure is needed to derive the cost of goods sold, as well as the ending inventory balance to include in a company's balance sheet.
- 3. • Look at the following video explaining the concept of ending inventory Calculate Ending Inventory: Formula & Explanation Study.com http://study.com/academy/lesso n/calculate-ending-inventory- formula-lesson-quiz.html
- 4. Methods of inventory valuation – Businesses may value year end inventory by using different methods – It is important to value stock using the same method. Using different methods, will produce large differences in calculating profits – These methods are • First in first out (FIFO) • Last in first out (LIFO) • Weighted average cost (AVCO)
- 5. • This method assumes – that the first goods bought are the first goods to be sold – The earliest goods purchased are the first to be recognised as cost of goods sold – Ending inventory is calculated on the latest units purchased – The latest prices used for the FIFO method gives the highest valuation of stock and the highest gross profit First in first out (FIFO)
- 6. • Look at the video on the next slide and watch FIFO Inventory method FIFO inventory method Education Unlocked https://www.youtube.com/watch?v=Wa83L8TvoaM
- 7. • This method assumes – That the last goods bought are the first goods to be sold – The costs of the latest goods purchased are the first to be assigned to cost of goods sold – Ending inventory is calculated on the oldest units purchased – LIFO value inventory on older prices give the lowest value on stock and profit Last in first out (LIFO)
- 8. • Look at the video on the next slide and watch LIFO inventory method LIFO Inventory method Education Unlocked https://www.youtube.com/watch?v=zLAvpS6o25E
- 9. • This method makes no assumption about the movement of stock. • It assumes – That the goods available for sale have the same average cost per unit – The goods available for sale is allocated on the basis of the weighted average unit cost – The formula used to calculate the unit cost is • Total value of goods on hand (goods available for sale) ÷quantity of goods on hand Weighted average cost (AVCO)
- 10. Methods of inventory valuation • The formula to determine the value of closing inventory is Average cost per unit x remaining units
- 11. Methods of inventory valuation • Look at the video on the next slide on Average Cost inventory Average Cost inventory method Education Unlocked https://www.youtube.com/watch?v=qAWVVw-dC5A
- 12. Advantages of each of the inventory valuation methods FIFO LIFO AVCO 1. Assumes that goods are issued in the order they are received 1. Assumes that goods received last are issued first 1. Makes no assumption about how goods are issued 2. Closing stock is valued on the most recent prices 2. Closing stock is valued on the earlier prices 2. Average price is mainly affected by the amount bought at the different price
- 13. • Disadvantages of each of the inventory valuation methods FIFO LIFO AVCO If prices are rising, closing stock is valued at the latest prices If prices are falling, profits will be high A new average must be calculated with every purchase