The Concept of Inventory Valuation

The Concept of Inventory Valuation

The inventory as defined by Chambers Universal Learners Dictionary (1980) is a formal and details list of goods example hence furniture or business stock.According to Horngreem (1978),  Inventory is aggregated of these items of tangible personnel property which and held for sale in the ordinarily course of business and in process of production for such sale are to be currency consumed in the production of goods and service to be available for sale. Pendy in foundation to inventory management saw inventory as stock of the product as company is manufacturing for sale and the component that make up in the product. He also said that inventory constitute the most significant of current assets of a large company. It therefore becomes imperative that inventory should be so as to reduce the uncertainties by investing on them. [Read more…]