hi everyone,
i came across a question where inventory in the balance sheet is 3000
and in the additional information there is:
Some inventory items included in the draft balance sheet at cost 500 were sold after the reporting date for 400 with selling expenses of 40..
should i value the inventory at 2860 in the balance sheet??
Can anyone please help me??
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FAValuation for inventory
12y ago#1Yes - you are correct :-)
(The items mentioned should be valued at the net realisable value of 360 because this is lower than cost. So the total value of the inventory should indeed by 2860)
thank u sir :)
12y ago#3You are welcome :-)
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