Costing method for stock


Vimarsh Patel   13 August 2019

Vimarsh Patel

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What is the most preferable Costing Method for stock??

Lifo, fifo, avg.cost, Monthly Avg.Cost, Std.Cost????

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Jatish Advani   13 August 2019

Jatish Advani

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FIFO BASIS

prasad Nilugal (Accountant Tax Consultant )     13 August 2019

prasad Nilugal
Accountant Tax Consultant  
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FIFO  is best  method 

Santhosh Manju   13 August 2019

Santhosh Manju

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yeah FIFO is best method

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Akash V.R. (Student)     16 August 2019

Akash V.R.
Student 
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It depends on many factors. If prices are too fluctuating then the average price method is preferred. FIFO is widely used as it is more logical. If price movements are negligible standard price method is used.

Hardik (Accountant)     17 August 2019

Hardik
Accountant 
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FIFO is  best method for costing.

Kalyani (Chartered Accountant)     22 August 2019

Kalyani
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FIFO is the best one

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sabyasachi mukherjee   16 September 2019

sabyasachi mukherjee

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Now why FIFO method?
do you know?
Fair market Value or cost whichever is lowrr.
refer accounting standard 2.

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Akash V.R. (Student)     16 September 2019

Akash V.R.
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AS 2 is applicable for presentation & disclosures in financials. But these methods are useful for internal analysis like arriving at cost of your product etc

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sabyasachi mukherjee   16 September 2019

sabyasachi mukherjee

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Ultimately how u disclose in balance sheet that is very essential.


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