1. Safeguarding the perform from damages or theft2. Report inventory in the financial statements
count the inventory need to be near year-end to make certain that the amount of inventory is reported in the gaue won statements is accurate.

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when identical units of was are gained at various unit prices during a period. In such cases, when an item is sold, the is crucial to determine its expenses using a price flow assumption and related inventory price flow method.
the an initial units purchased space assumed to be sold, and also the finishing inventory is comprised of the most recent purchases
the last units are assumed to be purchased and also the finishing inventory is made up of the first purchases.

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if the price of instead of inventory is lower than its recorded acquisition cost, the reduced of price or market an approach is provided to worth the inventory.
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