Home For AAT student members AQ 2016 Advanced Diploma in Accounting Advanced Bookkeeping

closing inventory

AmnaAmna Registered Posts: 15
HI is anyone helps me (AAT question)

no entry has been made for closing inventory it has been valued at the sale price of 19420 the sale price of good always higher than 25% of the cost of those goods
thanks

Comments

  • Pian32Pian32 MAAT Posts: 378
    Hi Amna

    This means that the sale price is 1.25 cost of sales. Inventory should be valued at cost so 19240/1.25 = £15,392
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  • AmnaAmna Registered Posts: 15
    Thanks pian
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