Channel: Grooming Education Academy

Category: Education

Tags: inventory valuation ugc netinventory valuation jkssbgrooming education academyinventory valuation bcom honsinventory valuationpgtinventory valuation accounting ca foundationinventory valuation cs foundationinventory valuationinventory valuation cma foundationca foundation inventory valuationinventory valuation cptchandan poddarfinancial accountinginventory valuation bcom 1 yearinventory valuation weighted average methodinventory valuation aao

Description: In this Video We Will Discuss Inventory Valuation all Concepts, Examples and Problems for CA Foundation, CA Inter, CS Foundation, CMA Foundation, B.com, BBA, NTA UGC NET, JRF, PGT, SSC CGL, AAO, CAG, JKSSB Account Assistant and Other Commerce Courses 𝐂𝐀 𝐅𝐨𝐮𝐧𝐝𝐚𝐭𝐢𝐨𝐧 𝐀𝐜𝐜𝐨𝐮𝐧𝐭𝐬 𝐂𝐨𝐮𝐫𝐬𝐞: escholars.in/s/store/courses/description/Accounts--CA-Foundation-Copy 𝐂𝐌𝐀 𝐅𝐨𝐮𝐧𝐝𝐚𝐭𝐢𝐨𝐧 𝐅𝐮𝐧𝐝𝐚𝐦𝐞𝐧𝐭𝐚𝐥 𝐨𝐟 𝐀𝐜𝐜𝐨𝐮𝐧𝐭𝐢𝐧𝐠 𝐂𝐨𝐮𝐫𝐬𝐞: escholars.in/s/store/courses/description/Fundamentals-of-Accounting 𝐂𝐒 𝐅𝐨𝐮𝐧𝐝𝐚𝐭𝐢𝐨𝐧 𝐀𝐜𝐜𝐨𝐮𝐧𝐭𝐬 𝐚𝐧𝐝 𝐀𝐮𝐝𝐢𝐭𝐢𝐧𝐠 escholars.in/s/store/courses/description/CS-foundation-Accounts-and-Auditing Other Courses Visit: escholars.in or call us at 888 888 0402 Watch Next: ◍ Issue of Share Complete Chapter in Single Video youtu.be/7BE46r4ghso ◍ Rectification of Errors Complete Chapter in Single Video youtu.be/l247jJ4Mzuc ◍ Fundamental of Partnership Complete Chapter in Single Video youtu.be/mSoSB82zs34 ◍ Overhead Costing Complete Chapter in Single Video youtu.be/oaXYMEQHFBU Topic Covered: 00:00 Introduction 00:44 Meaning of Inventory 02:22 Methods Inventory Valuation 08:37 Inventory Valuation FIFO method 17:57 Question for self-practice of FIFO method 19:23 Inventory Valuation LIFO method 25:09 Question for self-practice of LIFO method 27:28 Inventory Valuation Weighted average method 33:55 Simple Average method 36:20 Perpetual vs Periodical inventory system 43:07 Question- Find inventory valuation from periodical method 50:35 Case-1 Impact of overvaluation / undervaluation of opening stock / closing stock 56:27 Case-2 Impact of inflation and deflation under fifo and lifo method 01:05:29 Adjusted selling price method 01:20:13 Inventory valued before or after the end of accounting year 01:31:21 Find closing stock by Perpetual and Periodical method 01:39:37 Cost or net realisable value whichever is lower Topic Covered: Inventory Valuation FIFO method Inventory Valuation LIFO method Inventory Valuation Weighted average method Periodical vs perpetual inventory system Impact of inflation and deflation under fifo and lifo method Adjusted selling price method Inventory valued before or after end of accounting year Cost or net realisable value whichever is lower Inventory Valuation Important question Meaning of Inventory Valuation: Inventory generally refers to stock or stock in trade. In a trading concern, it refers to goods meant for resale or unsold goods. In a manufacturing concern, it includes items such as raw materials, semi-finished goods, and finished goods. Objectives of Inventory Valuation: (a) Determination of Trading Profit: Inventory is an important item for ascertaining the trading profit or gross profit. Gross profit is the excess of sales over cost of goods sold. Cost of goods sold is computed by adjusting the opening and closing stocks to purchases, as shown follows: Cost of goods sold = Opening stock + Purchases – Closing stock. (b) Determination of Financial Position: Inventory plays an important role in the ascertainment of the financial position of a business. Closing stock is shown as a current asset in the balance sheet. Over and under valuation of stock will give a misleading picture about the working capital position and the overall financial position of the business. Methods of Stocktaking: Stocktaking refers to the physical verification of the items of inventory in order to ascertain the value for accounting purposes. Either one or combination of the following two methods can make the physical verification: (a) Periodic Inventory System and (b) Perpetual Inventory System. Grooming education academy is engaged in providing qualitative commerce education to society at concessional prices. We believe in Research, reasoning and result and thus our learners admit our USP of: "Pioneer in developing concepts". We provide the complete tutorials for all commerce courses including CA, CS, CMA, BCom, BBA, Mcom, MBA, M.com, Class 12, Class 11 and other commerce courses. To know about the courses and books that best suits your requirement call at our helpline number: 𝟖𝟖𝟖 𝟖𝟖𝟖 𝟎𝟒𝟎𝟐 𝐕𝐢𝐬𝐢𝐭 𝐎𝐮𝐫 𝐖𝐞𝐛𝐬𝐢𝐭𝐞 to know more about the courses available: escholars.in 𝐉𝐨𝐢𝐧 𝐨𝐮𝐫 𝐭𝐞𝐥𝐞𝐠𝐫𝐚𝐦 𝐜𝐡𝐚𝐧𝐧𝐞𝐥 𝐟𝐨𝐫 𝐝𝐚𝐢𝐥𝐲 𝐮𝐩𝐝𝐚𝐭𝐞𝐬:::: t.me/geacp 𝐅𝐚𝐜𝐞𝐛𝐨𝐨𝐤 𝐏𝐚𝐠𝐞: facebook.com/GroomingEducationAcademy 𝐈𝐧𝐬𝐭𝐚𝐠𝐫𝐚𝐦 𝐏𝐚𝐠𝐞: instagram.com/groomingeducationacademy 𝐓𝐰𝐢𝐭𝐭𝐞𝐫 𝐏𝐚𝐠𝐞: twitter.com/AcademyGrooming 𝐋𝐢𝐧𝐤𝐞𝐝𝐈𝐧 𝐏𝐚𝐠𝐞: linkedin.com/company/grooming-education-academy 𝐏𝐢𝐧𝐭𝐞𝐫𝐞𝐬𝐭 𝐏𝐚𝐠𝐞: in.pinterest.com/groomingeducation #Groomingeducation #Inventoryvaluation #Accounts