Management's discretion determines whether items should be counted during a physical inventory count.
Which of the following items ought to be recorded in a company's physical inventory?
Raw materials, WIP, finished items, packing materials, maintenance, repair, and operations are the sorts of inventory stock that businesses need to physically count (MRO).
The weighted average unit cost approach to
When costing inventories, the weighted average unit cost approach follows the actual physical flow of the products that are on offer for purchase. 7. Management may select any inventory costing strategy it likes, provided the cost flow assumption is in line with the actual movement of items throughout the business.
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