ACC 12 – TERM 2 – WEEK 3 and 4 – Inventory systems
Inventory systems
Validation, valuation and calculation of inventories of businesses using the perpetual and periodic inventory systems:
• specific identification (of cost price per unit)
• first in, first out (FIFO)
• weighted average
Integration of GAAP principles relating to inventories
Integration of ethical issues relating to inventories
Integration of internal audit and control processes relating to inventories