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Inventory purchased during an year (2)

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA FR Exams › Inventory purchased during an year (2)

  • This topic has 1 reply, 2 voices, and was last updated 7 years ago by MikeLittle.
Viewing 2 posts - 1 through 2 (of 2 total)
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  • April 18, 2018 at 10:14 am #447945
    ahmed9729
    Member
    • Topics: 66
    • Replies: 60
    • ☆☆

    Dear Mike,

    Yesterday I asked u a doubt that Direct Labor and Overheads are not included in COS. You replied that in paper F7, it is not taking those effects, but if it was in F2 or F5, it would include its effects.

    However, now if I think about it, the formula for calculating FINISHED GOODS is (Direct materials+Direct labor cost+Overhead Cost) and taking the COS formula which is opening stock+purchases-closing stock, it is effectively taking the effects of Direct labor and Overheads as well right, because those costs are part of the finished goods?

    April 18, 2018 at 10:21 am #447946
    MikeLittle
    Keymaster
    • Topics: 27
    • Replies: 23309
    • ☆☆☆☆☆

    Yes – but when was the last time there was an F7 question asking about the valuation of inventory?

    It’s not going to happen!

    And if it does, it will be at a very simple level

    OK?

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Viewing 2 posts - 1 through 2 (of 2 total)
  • The topic ‘Inventory purchased during an year (2)’ is closed to new replies.

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