Calculating Depreciation and Stock Values Cheat Sheet

A stock take can be used to find out how much stock is being held.
Different ways to value stocks such as:
FIFO involves issuing stock in the order in which it is delivered, so that the remaining stock is valued closer to its replac­ement cost
LIFO involves issuing more recent deliveries first, so that closing stock is valued at the order and possible lower purchase price
Average cost recalc­ulating every time new deliveries arrive