Sir in the study text opening inventory is considered as an expense in the income statement
I was wondering how this is possible since closing inventory is not recorded as income
I thought that the transactions involving inventory is only considered in cost of sales
Ask the Tutor ACCA FA
Opening inventory
5y ago#1It was an asset at the end of the previous year. It is an expense this year because it was sold this year.
This is all explained in my free lectures on inventory.
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