Closing Stock Figures

System
System Posts: 100,534 🤖 Admin 🤖
edited June 18 in AAT student discussion
Hi <BR><BR>Could anyone please help me this is going to sound like I am so thick but I am at a complete loss when trying to work out the closing stock figure on one of my practice assesments. The figures I have to work with are<BR><BR>Opening Stosk<BR>Cost of stock<BR>Estimated Sale Value<BR><BR>Please can somebody help me as I seem to be having a mental block!<BR><BR>Thanks

Comments

  • System
    System Posts: 100,534 🤖 Admin 🤖
    Closing Stock Figures

    You say that you have opening stock, cost of stock and estimated sale value. I suspect they have give you the estimated sale value as they are referring to SSAP 9 (Stock values). Basically, stock should be valued at the lower of cost and net realisable value. So, if the estimated sale value is lower than the cost of stock then you use the estimated sales value as the value of closing stock or vice versa if cost is lower than resale value.<BR><BR>Hope this helps.<BR>Steve.
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Closing Stock Figures

    Hi Steve <BR><BR>Thanks for your help it's much appreciated<BR><BR>Carrie

Categories

Privacy Policy