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inventory valuation

1. Preparation Phase

Define the purpose of the inventory valuation

Gather relevant policies and procedures

Identify the inventory valuation method to be used (e.g., FIFO, LIFO, Weighted Average)

Ensure access to accurate and complete inventory records

2. Inventory Count

Schedule a physical inventory count

Prepare counting teams and assign responsibilities

Organize inventory locations for efficient counting

Conduct a preliminary count to identify discrepancies

3. Physical Inventory Count

Perform the physical count of all inventory items

Record quantities accurately in a counting sheet or inventory management system

Verify counts with multiple team members for accuracy

Investigate and resolve any discrepancies found during the count

4. Data Entry and Reconciliation

Enter the counted inventory data into the financial system

Reconcile counted inventory with recorded inventory levels

Adjust inventory records for any discrepancies identified

Document any write-offs or adjustments needed

5. Valuation Calculation

Apply the chosen valuation method to the inventory data

Calculate the total value of inventory on hand

Ensure that all inventory costs (purchase price, freight, handling) are included

Review calculations for accuracy and completeness

6. Reporting and Review

Prepare inventory valuation reports for management review

Analyze inventory turnover ratios and other key metrics

Compare current valuation with previous periods for trends

Obtain management approval and sign-off on final valuation

7. Documentation and Compliance

Maintain thorough documentation of the inventory valuation process

Ensure compliance with relevant accounting standards (e.g., GAAP, IFRS)

Retain records for audit purposes, including count sheets and valuation reports

Regularly review and update inventory valuation procedures as needed

8. Continuous Improvement

Gather feedback from stakeholders on the valuation process

Identify areas for improvement in inventory management practices

Implement changes based on lessons learned from the current valuation

Schedule regular reviews and updates to the inventory valuation checklist

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