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Hi,
I am a little confused as I have read different sections of things-
Can you please clarify which approaches we will need to know for the exam?
LIFO,FIFO ETC?Thank you
For paper F3 you need the methods that are explained in our free lectures – FIFO and average cost (AVCO).
(LIFO is not allowed by IAS 2)
I do suggest that you watch our free lectures – they are a complete course for Paper F3 and cover everything needed to be able to pass the exam well.
I am more confused as I am using BPP for studying and i am at Inventories chapter.
The methods used for valuing inventories are FIFO AVCO LIFO (first 2 accepted by IAS 2). But what about standard cost and retail method? aren’t these also methods used for valuing inventories? If not, can you explain what are these for?
thank you.
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