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F3 BPP:
topic Inventory
Recognition as an expense
l met such treatmentThe carrying amount is recognised as an expense in the period in which the related revenue is recognised
in that case,if enterprise sells old inventory, the amount of income is included in P/L statement as expense?Of course!
What is in the SOPL (we stopped using the term P/L many years ago) if the cost of goods sold, which is the opening inventory plus purchases less closing inventory.
I really do suggest that you watch my free lectures. They are a complete free course for Paper F3 and cover everything needed to be able to pass the exam well.
The book you need (if you are watching the lectures) is not the study text, but the Revision Kit. The Revision Kit is full of exam standard questions, and question practice is vital to passing the exam.
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