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■ Learning Objectives
·Understand the definition of inventory and its components．
·Recognise which costs should be included in valuing inventories．
·Understand the IFRS requirements for valuing inventories．
·Understand the use of continuous and period-end inventory records．
·Calculate the value of closing inventory using first in， first out （FIFO） and average cost （AVCO）—both periodic weighted average and continuous weighted average．
·Understand the impact of accounting concepts on the valuation of inventory．
·Identify the impact of inventory valuation methods on profit and on assets．
·Understand the difference between margin and mark-up．