Working Out Closing Stock

Brough

Feeling like I'm being stupid or just stressing. Trying to figure out how to work out closing stock. Went through mark up and margin, brilliant, then stock losses, couldn't find anything else in the tutorial. Suddenly a light bulb came on, should actually try complete the questions I have struggled on in the past papers and it looks like its all based on the mark up etc. Can someone let me know if there is anything more to know regarding this? Cheers

mrspnut

Stock value is always the lower of cost or resale value, so the question should tell you what the cost was, if it's damaged what the resale value would be and therefore you can work it out.

They do sometimes tell you mark up and margin to enable you to work out the original selling price or occasionally to try to confuse you.