Stock taking arrgh!

[Robert]

I buy packs of widgets from various suppliers depending of price and availability. I tip them into a big box and use them up as appropriate. They aren't all identical, but it doesn't matter.

Whats the best way to value this box of widgets? Last price? Average price. FIFO price?

How do you do it?

 

[creospace]

you mean those thigns they put in cans to get a proper head on a pint of beer?

What do you do exactly?

Gary

 

[Robert]

I was using widgets as a generic term I have various boxes of random items I need to stock take.

 

[creospace]

ah I see !

Sorry can't help

 

[Robert]

Anyone else have a clue?

 

[Joyous]

FIFO and weighted average costs are the two most widely used methods with FIFO being the most common by far. UK accounting standards specifically prohibit LIFO.

Have fun. :wink:

Regards

Joy

 

[Hayles]

FIFO ?? LIFO ??

 

[franbookkeeping&pay]

FIFO ?? LIFO ??

First in, first out

Last in, first out

HTH