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Cost of closing inventories

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA FA – FIA FFA › Cost of closing inventories

  • This topic has 2 replies, 2 voices, and was last updated 3 weeks ago by ThaeJulyOo257.
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  • July 9, 2022 at 2:02 am #660192
    ThaeJulyOo257
    • Topics: 10
    • Replies: 6
    • ☆

    A manufacturing business calculated the cost of its closing inventory as follows:
    DM cost 200000
    DL cost 180000
    Share of storage cost for finished goods 20000
    Share of factory O/H 60000
    Share of selling costs 85000
    545000

    What figure should be used as the cost of closing inventories?

    July 9, 2022 at 10:13 am #660205
    John Moffat
    Keymaster
    • Topics: 57
    • Replies: 49902
    • ☆☆☆☆☆

    It is valued at all costs getting the goods ready for sale (which does not include costs associated with selling).

    This is all explained in my free lectures.

    July 12, 2022 at 4:20 pm #660344
    ThaeJulyOo257
    • Topics: 10
    • Replies: 6
    • ☆

    So the answer is $440000?

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