Closing Inventory in the Extended Trail Balance

MCHitchMCHitch Posts: 2Registered
Hi all, first post so thought it might as well be a question. I am working on the Extended Trail Balance and I am confused why Closing Inventory is posted both to the SoPL and the SoFP. Can anyone tell me why?
Thanks, Matt!

Best Answer

Answers

  • MCHitchMCHitch Posts: 2Registered
    Thanks! So as Closing Inventory is part of the CoS calculation, it will need to be entered SoPL and also in the SoFP as it is also an Asset.
Sign In or Register to comment.