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of <h1>Understanding Inventory Valuation: FIFO, Weighted Average, and Specific Identification under Indian Accounting Standards</h1> The valuation of inventory under Indian Accounting Standards (Ind AS) involves specific methods depending on the nature of the inventory. For items not interchangeable and designated for specific projects, costs are assigned using specific identification. For interchangeable products, the first-in, first-out (FIFO) or weighted average cost formulas are used, with consistency required for similar inventories. FIFO assumes older inventory is sold first, while the weighted average considers the average cost over a period. Techniques like the standard cost method or retail method may be used if they approximate actual costs, with adjustments made for normal conditions and industry-specific practices.
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