Just-in-time (JIT) production/ procurement, also known as “lean manufacturing” or “Toyota Production System (TPS)”, is a relatively modern technique of…
Accurate record keeping is very helpful in various aspects of running a business and this historical data, if properly recorded,…
Economic order quantity is a mathematical model which helps in identifying the optimum level of order size which will result…
Some entities are inventory intensive such as manufacturing and retailing concerns, whereas some are not, but in most of the…
Last-in, First-out (LIFO) is also a commonly used cost formulas or method of inventory valuation. Although, application of LIFO is not…
One of the most commonly used cost formulas or methods of inventory valuation include Weighted average cost (AVCO) method. Cost…
Most commonly used cost formulas or methods of inventory valuation include First-in, First-out (FIFO) method. The name “First-in, First-out” itself…
Valuation of inventory is very important both in the context of financial reporting as well as management reporting, as it…