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本文主要介绍ACCA考试《F3财务会计》辅导资料。希望本文能够帮助您更好的全面了解2012年ACCA考试的相关重点!!

6.3 Valuation of inventory

● Inventory consists of

- Goods purchased for resale

- Consumable stores (such as oils)

- Raw materials and components (used in the production process)

- Partly finished goods (work-in-process WIP)

- Finished goods

● Rule of prudence concept

- requires that in conditions of uncertainty, a cautious approach should be taken, so that gains and assets are not overstated and losses and liabilities are not understated.

IAS 2 Inventories states that Inventories should be valued at the lower of historical cost and net realizable value.This is in conformity with the prudence concept.

● Net realizable value

NRV is :

Estimated selling price (in the normal course of business)

Less: estimated costs of completion

Estimated costs necessary to make the sale

● Methods of calculating inventory costs

- Unit cost ( Specific Identification)

- Weighted average cost

- First-in-first-out (FIFO)

- Last-in-first-out(LIFO)

Unit cost:

This is the actual cost of purchasing identifiable units of inventory

● Limited to large or valuable items

● Individual units can be easily identified with their cost of acquisition

Weighted average cost

The weighted average cost per unit of stock is measured by dividing total cost of goods available for sale by total number of units available for sale.The weighted average stock valuation method is further subdivided into:

- Moving (continuous average)

- Periodic average

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