closing inventory

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Amna
Amna Registered Posts: 26 Regular contributor ⭐
in Advanced Bookkeeping
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

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  • Pian32
    Pian32 Registered Posts: 474 Dedicated contributor 🦉
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    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
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  • Amna
    Amna Registered Posts: 26 Regular contributor ⭐
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    Thanks pian

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