Reflection Paper: Inventory Valuation Methods - Finance Course

This reflection paper details a student's learning journey through inventory valuation methods. The student explores five different methods, including FIFO, LIFO, and weighted average, and their impact on financial statements. The student highlights the importance of practical application, using hypothetical scenarios and flowchart representations to enhance understanding. Challenges in remembering concepts are addressed through the use of flowcharts and real-life applications. The paper emphasizes the importance of understanding information flow and analytical skills in inventory valuation. Feedback from previous weeks is incorporated, and the student discusses a shift in attitude toward learning, focusing on practical application and continuous improvement. Future learning goals include mastering final account creation, consolidation statements, and adjustment entries, using a structured approach with hypothetical data manipulation. The student aims to build a strong foundation in financial accounting and achieve their career goals.

Reflection Paper [Inventory Valuation Methods]
Name of the Student
Name of the University

Maintaining learning journal is essential not only to manage the progress on any specific
topic but also to display the level of understanding. In this week I am learning inventory
valuation 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 financial
performance. It has understood that the value of inventory differs basis the method applied
for the valuation. This is the reason, I am learning how to do inventory valuation and what
the intricacies are related to this concept.
At the starting of this week learning, I found that there exists 5 methods through which
inventory valuation can be done. So, I planned to understand each of these concepts one by
one and then applying it by my own creating several hypothetical situation. As a part of this
plan, I found a flow chart representation of all these five methods of inventory valuation. I
understood that this flowchart example was very helpful for me to comprehend the concepts
as well as it helped me to apply the concepts in several situations. The flowchart I have
mentioned at the appendix section. I have created hypothetical purchase and sales entry and
used all these concepts and compared the ending inventory balances found from each of these
methods.
Prior to this week learning, I faced difficulties to remember the concepts I learned in a
particular week. To overcome, this weakness, I tried to apply the concepts learned earlier in
real 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 apply
flowchart method. This helped me to remember each concepts together and thus I can easily
compare the concepts behind this week’s learning.
As a learning, I can say that understating any theoretical concepts without practical
implementation 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. Considering
this, without practical utilization make any learning difficult for me.
As a learner, to improve my learning process I need to make a balance between
understanding any week’s learning as well as preparing hypothetical case studies and self
application of those knowledge in my own. It may happen that I would not be successful in
every occasion. However, I have strong believe that understanding any concept of accounting
primarily relied on its practical implementation whether in real life situation or any
hypothetical cases.
Considering the inventory valuation methods, the foremost skills that I need is to
understanding the flow of information like whether a specific entry is related to inflow or
outflow. At the same time, performing calculations properly required analytical skills set for
this week learning,
Consideration of feedback on weekly learning plays pivotal role in enhancing knowledge in
the chosen subject. I have always considered these feedbacks as building blocks for gathering
knowledge in the field of accounting. Previously, I got the feedback and found that even
though I understood several week’s learning properly, there were lacks while the application
part was taken into consideration. In other words, it can be said that I showed lack of intent
while referring to the concepts I have learned in proper places. Therefore, I took this as
challenges 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 an
accountant perform such complex calculations so easily and plays pivotal role in devising
financial decisions. This also created interest in my mind that I must learn this subject not
only 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

I have started liking this subject and getting involve myself more and more on daily basis.
Now, my goal is to get a fair knowledge in this field and I believe that I am on a right track to
get what I am dreaming.
This I can say that this week’s learning affected a lot in my learning process. I realised that
there were so many things that I eventually failed to learn. However, changing the attitude
towards learning, I realised that I am now getting back so many things which I could have
learn in the earlier learning week. Nevertheless, I also believed that it is never late to
understand the lacking one have during learning and one can easily overcome those areas.
This is what happened with me as well. Right now I am in a well position to achieve my goal
related to this field.
While considering the attitude towards learning, I can say one thing that earlier even though I
showed good progress in understanding the concepts, I did not get that much success while
practically applying it. However, now my perception got changed and I am taking this as
challenge and performing positively now a days.
In this learning unit, I still have so many things to learn. I will consider this learning as a
supportive hand to completely understand several aspects like creation of final account of any
organisation. Preparation of consolidation statements, making adjustment entries are other
aspects I will learning following the same approach that I have applied in this week’s leaning.
Even though I will not get proper real life data during learning; I will manipulate data in my
own and then I will apply my theoretical knowledge. Further, I will segregate the learning
units in several parts considering its merit and will go through all the lessons part by part. I
feel that this strategy will help me to understand which concept will be applied in a specific
situation and how to get good end result after applying such concept.

Appendix: