Advantages and disadvantages of average cost method
Advantages:
If a business is not able to maintain the cost of each lot of stock, then this method is suitable.
Average cost method is near to the actual rate, so it gives a more appropriate valuation of the inventory.
When a huge quantity of similar type of products is purchased at regular intervals of time at a similar rate, then this is the most suitable method for valuation.
Income manipulation is not possible when this method is used. Hence, there is a true and fair disclosure of accounts.
Disadvantages:
When the purchased inventories are different from each other, then it’s challenging to use this method.
When expensive or unique items are used in the production, it is beneficial to record the cost of each unit individually rather than taking its average.
Average cost is not able to show the trend of rates whether the purchases are made at an increasing rate or a decreasing rate.
Types of average cost method
1. Simple average cost method: The simple average cost method considers the total cost and the total number of units. It divides the total cost with the total number of units. It is the simplest but least used method of inventory valuation. Only small firms use this method for valuation of inventory. Simple average cost method is useful when a similar quantity of goods is purchased at different rates from time to time. Also, the fluctuation in the rate of purchase is not very high.
Advantages of simple average cost method:
It is simple to use and implement.
It is useful when identification of different slots is not possible. Stock purchased in different lots gets mixed.
It is useful when the quantity purchased is constant. However, price differs each time.
Disadvantages of simple average cost method:
The exact amount of profit or loss cannot be ascertained, as the quantity purchased cannot be considered.
When the quantity purchased differs, the valuation cannot be done accurately.
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