Inventory

NotesPaper exam

Inventory

Value at

  • Lower of cost and net realisable value

Remember to take future costs away from selling price and NOT add to costs

Questions relating to the physical inventory count:

  1. Are all items marked when counted?

  2. Does a management carry out test checks?

  3. Are stocksheets pre-numbered and prepared in ink?

  4. Is a complete set of stocksheets available covering all categories of inventory?

NotesPaper exam