Changes

'''Inventory valuation''', in accounting, refers to a methodology whereby '''inventory''' on hand is valued after a portion of it is sold or is otherwise removed.

'''Inventory valuation''', in accounting, refers to a methodology whereby '''inventory''' on hand is valued after a portion of it is sold or is otherwise removed.

There are various methods which are commonly used to value inventory: the most common are '''specific identification''', '''FIFO''' (First In, First Out), '''LIFO''' (Last In, First Out), and '''average cost''' (which may be either '''simple average''' or '''weighted average''').

There are various methods which are commonly used to value inventory: the most common are '''specific identification''', '''FIFO''' (First In, First Out), '''LIFO''' (Last In, First Out), and '''weighted average cost'''.

==Specific Identification==

==Specific Identification==