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Cost of sales and credit purchases

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA FM Exams › Cost of sales and credit purchases

  • This topic has 1 reply, 2 voices, and was last updated 2 months ago by John Moffat.
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  • November 21, 2022 at 1:49 pm #671988
    AliSher123
    Participant
    • Topics: 22
    • Replies: 11
    • ☆

    Normally if we have to find inv or payable days
    We calculate like this
    Inv days = inventory / cost of sales ×365
    Pay days = payables / cost of sales ×365
    Sometimes there are credit purchases given which we can use instead of cost of sales
    Now this has been a problem because most probably they use cost of sales for both inv and pay days but i have done a question in kaplan where they used credit purchases
    How do we figure this out what to use ?

    November 21, 2022 at 2:53 pm #671990
    John Moffat
    Keymaster
    • Topics: 57
    • Replies: 51532
    • ☆☆☆☆☆

    As I explain in my free lectures, it depends on the information available. We should be using credit purchases but often this is not available and so we have no choice but to use the cost of sales.

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