Title: (Optional) Record inventories.
Course: Accounting (12104-I) > Section: Implementing Accounting for Other Scheduled Procedures

Recording inventories should include

- a determination of the appropriate valuation method (e.g., first in, first out [FIFO], last in, first out [LIFO], averaging)
- identification of the components of the cost-of-goods-sold method
- maintenance of inventory records.