A COMPARATIVE ANALYSIS OF THE IMPACT OF INVENTORY VALUATION METHODS ON FINANCIAL REPORT STATEMENT IN SOME MANUFACTURING COMPANIES
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COMPARATIVE ANALYSIS OF THE IMPACT OF INVENTORY VALUATION METHODS ON FINANCIAL
REPORT STATEMENT IN SOME MANUFACTURING COMPANIES
ABSTRACT
This research work
was conducted on with special reference to the impact inventory valuation
methods has on financial report statements of manufacturing companies. For a
longtime now the Accounting profession has not been able to come up with any
particular technique or method to be used uniformly in valuing inventory. This
research work examined if the method used was as a result of the prevailing
economic circumstances. A survey research design was adopted for the study;
data collected were gotten from both the primary and secondary sources. An
infinite population of over 3000 was used and a finite population of 220. Three
hypotheses were tested at 5 percent level of significance. Tables and
percentages were employed to answer the questionnaires while the statistical
regression coefficient analysis and Z- test were used to test the hypotheses.
It was found amongst others that the prevailing economic parameter influences
the decision of choice of inventory valuation method used. The Accounting
professional bodies should try as much as possible to adopt a particular method
of inventory valuation and the weighted average method was recommended as a
method that can withstand any economic challenges
TABLE OF CONTENTS
TITLE
PAGE…………………………………………….…………………i
APPROVAL
PAGE………………………………………………………..ii
DEDICATION…………………………………………………..…………iii
ACKNOWLEDGMENTS…………………………………………….……iv
ABSTRACT………………………………………………………………...v
TABLE OF
CONTENTS…………………………………………………..vi
CHAPTER ONE:
INTRODUCTION
1.1 BACKGROUND OF
STUDY………………………………………1
1.2 STATEMENT OF THE
PROBLEM……………………………..…4
1.3 OBJECTIVES OF
STUDY……………………………………….....5
1.4 RESEARCH QUESTIONS………………………………………….5
1.5
HYPOTHESES……………………………………………………...6
1.6 SIGNIFICANCE OF
THE STUDY………………………………...7
1.7 SCOPE OF THE
STUDY……………………………………..........8
1.8 LIMITATION OF THE
STUDY.....................................................9
1.9 DEFINITION OF
TERMS……………………………………..…..10
CHAPTER TWO:
LITERATURE REVIEW
2.1 HISTORY
PERSPECTIVE………………………………..………..13
2.2 THE PROBLEM OF
INVENTORY MANAGEMENT………..…..14
2.3 INVENTORY
VALUATION………………………………………..16
2.4 INVENTORY
VALUATION METHODS…………………….……20
REFERENCE……….......................................................................37
9
CHAPTER THREE:
RESEARCH METHODOLOGY
3.1
INTRODUCTION.……………………………………….……………39
3.3 AREA OF THE
STUDY……………………………….……………...40
3.4 POULATION OF THE
STUDY………………………………………41
3.5 SAMPLE SIZE AND
SAMPLINGTECHNIQUES……………….…41
3.6INSTRUMENT OF DATA
COLLECTION……………………….…44
3.7 VALIDITY OF THE
INSTRUMENT …….………………………....45
3.8 RELIABILITY OF
INSTRUMENT ……………………………...…..45
3.9 METHOD OF DATA
COLLECTION………………………………..46
3.10 METHOD OF DATA
ANALYSIS…………………………………...46
CHAPTER FOUR:
DATA PRESENTATION,
ANALYSIS AND INTERPRETATION
4.1 DATA
ANALYSIS………………………………..………………….....49
4.2 TESTING OF
HYPOTHESES ……………………….………………...66
CHAPTER FIVE:
SUMMARY OF FINDINGS,
RECOMMENDATIONS AND CONCLUSION
5.1 SUMMARY OF
FINDINGS…………………………………………..82
5.2
RECOMMENDATIONS……………………………………………....84
5.3
CONCLUSION…………………………………………………...........86
BIBLIOGRAPHY………………………………………………………88
APPENDIX A …………………………………………………...……...89
CHAPTER ONE
1.0 INTRODUCTION
1.1BACKGROUND OF THE
STUDY
Inventory valuation
allows companies to provide a monetary value for items that make up their
inventory (stock).
Inventories are
usually the largest current asset of a business and are as important as funds
(cash). It is a form of fund tied up in assets (current assets).
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