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Accounting Inventory Assignment Help

As we have narrated that in the United States, GAAP stands for Generally Accepted Accounting Principles. It is accounting rules which are used for preparation, presentation and reporting financial statements for a broad variety of entities. Such entities include publicly traded and private companies, Non-profit organizations and governments.

Amongst various standards under US GAAP, Accounting for Inventories is one of them. Inventories generally constitute the second largest item after fixed assets, in the financial statements particularly of manufacturing organizations. The value attached to inventories can materially affect the operating results and the financial position.

However, different basis of valuing inventories are used by different businesses and even by different undertakings within the same trade or industry. The major problem in accounting for inventories is the ascertaining of the value at which inventories are stated in the financial statements. Inventories are defined as assets (which are kept to be sold normally to gain profit (b) used in the process of production or (c) materials used in the production process or in providing the services.

Inventories are thus classified as goods purchased and held for resale; finished goods produced or work-in-progress include materials, maintenance supplies, consumables and loose tools to be used in the production process. The value of the inventories should be taken at low cost and net realizable value.

Net realizable value is selling price as reduced from any cost incurred to sell it. Cost includes any cost incurred to get the inventories to current condition. If specific cost is not ascertainable, one should use the FIFO or weighted average, LIFO method can also be used, but then it should specifically be stated( (i) net realizable value and (ii) FIFO, weighted average or current cost.

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