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CHAPTER 8 CLOSING INVENTORY

I. VALUATION OF INVENTORY

Inventory may include any of:

-Finished goods

-Work in progress

-Material

The prudence concept requires that profit are not anticipated, but losses are accounted for as soon as they are known.

For this reason, IAS2 Inventories states that inventory is valued in the statement of financial position at the lower of cost and net realisable value (NRV).

Cost of inventory (goods) may include:

-The purchase price

-Transportation and handling costs

-Less: trade discounts (buying in bulk or regular customer, but not settlement discounts)

……………………………………..

Download: Chapter 8 Closing Inventory

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