Unit 5 Simulation - Closing Stock Valuation

shaun
shaun Registered Posts: 1 New contributor 🐸
in AAT Level 3 (Level 6 in Scotland)
Hi all,

I was wondering if someone could help me. I sat the 1st part of my Unit 5 simulation last nite and was stuck on this question. The story is that there was a fire at the office and all documentation of the closing stock were destroyed, so I have to calculate an estimate. Can anyone tell me how to calculate the estimate?

Many Thanks

Shaun

Comments

  • Bluewednesday
    Bluewednesday Registered Posts: 1,624 Beyond epic contributor 🧙‍♂️
    Are you asking us to do the simulation for you??:huh:
  • Cullen
    Cullen Registered Posts: 592 Epic contributor 🐘
    This is incomplete records. Have you covered this in class?
    You may have to use a cost structure and the COS formula,
    O/Stock
    + Purchases
    - C/Stock
    = COS

    Cost Structure: If Margin is used, Sales = 100%. If mark up used COS = 100%

    Were you doing a mock?

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