For conducting the business, all manufacturing and trading organizations carry stocks or inventories. Such stocks or inventories are in three different forms:
(i)Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Raw Material Inventory
(ii)Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Work-in-Process Inventory
(iii)Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Finished Goods Inventory
All inventories are held for conversion into finished goods or finished goods which are awaiting sale. In both the cases, the intention is to convert the inventory to cash. In general there are four principal methods of inventory valuation:
(a)Â Â Â Â Â Â Â Â Â Â Â Â Â Specific Identification
(b)Â Â Â Â Â Â Â Â Â Â Â Â Â First-In First-Out (FIFO)
(c)Â Â Â Â Â Â Â Â Â Â Â Â Â Last-In First-Out (LIFO)
(d)Â Â Â Â Â Â Â Â Â Â Â Â Â Weighted Average Method
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