Deals with the concepts, techniques and procedures for inventory valuation in a manufacturing organization. The note describes the two major systems of cost accounting job and process. Also, included in the note, are the different bases of costs for inventory valuation, viz. actual versus standard cost, and direct or variable versus full cost. The costing and valuation of joint and byproducts have also been discussed. This comprehensive note deals with all aspects of cost accounting information for inventory valuation.