Stock Revaluation

System
System Posts: 100,534 🤖 Admin 🤖
edited June 18 in AAT student discussion
Hi,

I'm wondering if anyone can help me.

I've recently started a new job as assistant management accountant and one of my key roles is to look after the monthly stock (stock valuation, stock revaluation etc) but my problem is that I can't find anything about it in any of my texts books.

Its a year since I passed all my AAT exams although I am still working on the damn project and it could be that I'm just a bit rusty and forgetful.

Can anyone tell me if they have come across it anywhere on any of the levels?

Thanks.

Comments

  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:Stock Revaluation

    stock is valued at lifo (last in first out) fifo (first in first out) or the average of the cost
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:Stock Revaluation

    Hi,

    LIFO, FIFO and AVERAGE are used as a means of valuing stock, yes, but as far as I am aware that is for when we are booking in and booking out stock.

    Keep this in mind though "Stock should be valued at the lesser of net realisable value" or words to that effect.
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:Stock Revaluation

    Stock should be valued at the lower of cost or net realisable value.
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:Stock Revaluation

    I knew it was something like that! :lol:

Categories

Privacy Policy