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Hi Mike,
In the cost of sales excercise qu 2, I am struggling to work out the open inventory value
I have managed to work out the gp then the cost of sales but got lost on the closing inventory figure of 30 higher to get the opening inventory. can you advise me on the calculations of how to do it please?
Also is cons income statement the same as cons p & L statement, I think I have an old print out and it says cons P & L And OCI a bit confused with the terminology,
Thanks in advance
NicolaThe correct terminology is consolidated statement of profit or loss
The reference to income statements may be applied to sole traders
To answer the opening inventory problem that you have, may I suggest that you “let opening inventory be X” and then solve using schoolgirl algebra
OK?
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