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inventory

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA FR Exams › inventory

  • This topic has 2 replies, 2 voices, and was last updated 3 years ago by P2-D2.
Viewing 3 posts - 1 through 3 (of 3 total)
  • Author
    Posts
  • November 22, 2021 at 4:47 am #641278
    sguha
    Participant
    • Topics: 64
    • Replies: 42
    • ☆☆

    in case there is abnormal wastage of inventory should we reduct it from cost of sales, and charge it to st of p/l as loss,

    or its already taken into account while doing closing stock measurement at lower of cost & nrv at the end of yr.

    my 2nd question, is carriage inward is added to the cost of the inventory, as its directly attributable cost.

    November 27, 2021 at 7:38 am #641742
    P2-D2
    Keymaster
    • Topics: 4
    • Replies: 7163
    • ☆☆☆☆☆

    Hi,

    Abnormal wastage is something that is more related to management accounting and cost accounting. In financial accounting we look at valuing the goods at the lower of cost and NRV, with the cost calculated using the cost formulae (FIFO and weighted average).

    You won’t see carriage inwards in FR, it is more likely to be seen in FA, but it is a part of cost of sales.

    Thanks

    November 27, 2021 at 7:38 am #641743
    P2-D2
    Keymaster
    • Topics: 4
    • Replies: 7163
    • ☆☆☆☆☆

    Hi,

    Abnormal wastage is something that is more related to management accounting and cost accounting. In financial accounting we look at valuing the goods at the lower of cost and NRV, with the cost calculated using the cost formulae (FIFO and weighted average).

    You won’t see carriage inwards in FR, it is more likely to be seen in FA, but it is a part of cost of sales.

    Thanks

  • Author
    Posts
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