Summary Grade 12 IEB Accounting Notes – Inventory Systems & Stock Valuation (FIFO & Weighted Average)

These high-quality notes cover Inventory Systems and Stock Valuation, a key topic in Grade 12 IEB Accounting that appears frequently in exams. The content is broken down in a clear and structured way to help learners understand both theory and application of inventory management and valuation methods. Included in the notes: Difference between Periodic and Perpetual inventory systems Advantages and disadvantages of each system Stock control accounts (Trading Stock, Cost of Sales, Purchases) Detailed explanation of FIFO (First-In-First-Out) method Detailed explanation of Weighted Average method Step-by-step examples showing how to calculate: Cost of Sales Closing Stock Gross Profit Interpretation of stock-related ratios and trends Common mistakes and how to avoid them in exam questions Perfect for: Grade 12 IEB students preparing for school-based assessments, prelims, or finals Learners struggling with stock valuation calculations and accounting entries Revision before practical papers or theory-based questions These notes are concise, clear, and aligned with the IEB format and expectations — perfect for boosting your Accounting marks.