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


  • Pian32Pian32 MAAT Posts: 391
    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
    AAT Level 4, MAAT
    ACCA in progress
    F4- Passed Aug 2020
    F5- Passed Dec 2020
    F6- Passed Sep 2020
    F7- Planned June 2021
    F9 - Planned June 2021
  • AmnaAmna Registered Posts: 15
    Thanks pian
Sign In or Register to comment.