Inventory Valuation Method pdf
Added on 2021-06-15
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Reflection Paper [Inventory Valuation Methods]Name of the StudentName of the University
Maintaining learning journal is essential not only to manage the progress on any specifictopic but also to display the level of understanding. In this week I am learning inventoryvaluation methods. Being an important part of the financial statements of any organisation,any changes in the inventory valuation will have significant impact of its overall financialperformance. It has understood that the value of inventory differs basis the method appliedfor the valuation. This is the reason, I am learning how to do inventory valuation and whatthe intricacies are related to this concept.At the starting of this week learning, I found that there exists 5 methods through whichinventory valuation can be done. So, I planned to understand each of these concepts one byone and then applying it by my own creating several hypothetical situation. As a part of thisplan, I found a flow chart representation of all these five methods of inventory valuation. Iunderstood that this flowchart example was very helpful for me to comprehend the conceptsas well as it helped me to apply the concepts in several situations. The flowchart I havementioned at the appendix section. I have created hypothetical purchase and sales entry andused all these concepts and compared the ending inventory balances found from each of thesemethods. Prior to this week learning, I faced difficulties to remember the concepts I learned in aparticular week. To overcome, this weakness, I tried to apply the concepts learned earlier inreal life situation. However, I did not get that much success until this week’s learning. Thus,to overcome this weakness and consequently build my strength in this topic, I started to applyflowchart method. This helped me to remember each concepts together and thus I can easilycompare the concepts behind this week’s learning. As a learning, I can say that understating any theoretical concepts without practicalimplementation at the same time is the major challenges to me. This is because, I always
think there would be a link of whatever we are learning with real life situation. Consideringthis, without practical utilization make any learning difficult for me. As a learner, to improve my learning process I need to make a balance betweenunderstanding any week’s learning as well as preparing hypothetical case studies and selfapplication of those knowledge in my own. It may happen that I would not be successful inevery occasion. However, I have strong believe that understanding any concept of accountingprimarily relied on its practical implementation whether in real life situation or anyhypothetical cases.Considering the inventory valuation methods, the foremost skills that I need is tounderstanding the flow of information like whether a specific entry is related to inflow oroutflow. At the same time, performing calculations properly required analytical skills set forthis week learning,Consideration of feedback on weekly learning plays pivotal role in enhancing knowledge inthe chosen subject. I have always considered these feedbacks as building blocks for gatheringknowledge in the field of accounting. Previously, I got the feedback and found that eventhough I understood several week’s learning properly, there were lacks while the applicationpart was taken into consideration. In other words, it can be said that I showed lack of intentwhile referring to the concepts I have learned in proper places. Therefore, I took this aschallenges and found some alternatives that I have applied during this week’s learning. Prior to start learning this subject, I always had this question in my mind that how anaccountant perform such complex calculations so easily and plays pivotal role in devisingfinancial decisions. This also created interest in my mind that I must learn this subject notonly to get a qualification but also to fulfil my desire related to the field of accounting.Accordingly, I enrolled in this subject and started the learning process. Eventually, I realised
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