Basic Costing Homework Recap. Basic Costing Chapter 4 Inventory Classification & Valuation.

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Presentation transcript:

Basic Costing Homework Recap

Basic Costing Chapter 4 Inventory Classification & Valuation

Objectives Identify the different types of stock: raw materials, part finished goods WIP, finished goods. Explain the 3 different methods of stock valuation Calculate stock valuations using appropriate methods

Types of stock /inventories - Raw materials - WIP (Work in progress) - Finished Goods

Stock (inventory) records Perpetual invoice system – updated with each stock movement There are 2 types of stock (inventory) records: - 1. Stock (Inventory) Cards 2. Stores Ledger Accounts/Stock record cards Either or both can be used

Stock record cards (AKA Bin Cards)

Description Stock Code Location Max and Min stock levels Issues Receipts Dates Balance of stock

Stores Ledger Accounts or Stock (Inventory) record cards Similar to STOCK RECORD CARDS but Cost details are recorded, so that the unit cost of each receipt and issue is shown. The balance of stock is also valued. These form part of the COST ACCOUNTING SYSTEM. These are written up by an experienced cost bookkeeper.

Materials requisition A MATERIALS REQUISITION is completed when materials are needed from stores by the production department. It is then used as a SOURCE DOCUMENT

Stock valuation methods LIFO (Last in first out) FIFO (First in first out) AVCO (Average weighted cost)

Lets Practice