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Summary of Costing Inventories for Introduction to Financial Reporting
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This document is a summary of the notes taken about costing methods for inventories, a lecture conducted by Dr Andrew McFaull at Kings College London for the Introduction to Financial Reporting course. It provides a basic and understandable view on how stock can be costed in different methods throu...

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  • April 12, 2023
  • 1
  • 2022/2023
  • Summary

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FIFO (First In, First Out)

Deducting the historic cost of stock
which was purchased first to calculate
and therefore value the cost of sales
figure.




LIFO (Last In, First Out)

Deducting the historic cost of stock
which was purchased most recently
to calculate and therefore value the
cost of sale figure.




AVCO (Weighted Average Cost)

Deducting the historic cost of stock
based upon summing the weighted
average of stock purchased at various
prices paid across time points and
using this to value the cost of sales
figure.

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