My choice of a company is Apple Inc. The stock ticker for this company is NASDAQ: AAPL. It is a company that is the industry of consumer electronics, software, and online services. Apple Inc works by designing, manufacturing, and marketing different products such as PCs (Personal Computers), tablets, smartphones as well as wearable and portable devices. The company also deals with the provision of software, network solutions, accessories, third-party applications, and digital content (Smith, 2020). The companyâ€™s portfolio constitutes the iPhone, Apple TV, iPad, Mac, iPod and Apple Watch as well as software that include macOS, iPadOS, watchOS, Apple Pay and iOS (Smith, 2020). There are also some avenues that Apple uses to sell its digital content, and this comprises of Apple Arcade, Apple Store, Apple Music, Apple News+, App Store, Apple Card, Apple Pay and Apple Fitness+ (FreshBooks.com, 2019). Apple Inc has, therefore, dominated its industry since it has its business present in the U.S, Americas, Africa, Europe, and the Middle East.
The selected item from the companyâ€™s balance sheet dated 2021 is inventory and it is the current one before the financial year comes to an end (FreshBooks.com, 2019). The inventory valuation is categorized into four techniques that are specific identification, LIFO (Last-In, First Out), FIFO (First-In, First Out) and Weighted Average Cost (FreshBooks.com, 2019). These methods are important in establishing the position that a company. It is the most appropriate option because the valuation process shows the shortage of excess of the goods that are meant to be sold and this affects the overall production processes in the businesses and the profitability (FreshBooks.com, 2019).
FreshBooks. (2019).Â What Is Inventory Valuation and Why Is It Important. FreshBooks. Â Retrieved 14 May 2022, fromÂ https://www.freshbooks.com/hub/accounting/inventory-Â Â Â Â Â valuation.
Smith, T. (2020).Â Asset Valuation. Investopedia. Retrieved 14 May 2022, from Â Â Â Â https://www.investopedia.com/terms/a/assetvaluation.asp.