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Cost of sales and inventories (Cost of sales (Unsold goods at the end of a…
Cost of sales and inventories
IAS 2, Inventories (FRS 102 s13)
Objective and scope
Inventories
Cost of sales
Unsold goods at the end of a reporting period
Cost of sales
Carriage inwards and outwards
Inventory written off or written down
Inventory destroyed or stolen and subject to an insurance claim
Using mark-up/margin percentages to establish cost
Writing off inventories, and inventory drawings
Inventory drawings
Counting inventories
Valuing inventories
Basic valuation: valuation at historical cost
Basic valuation: lower of cost and NRV
Applying the lower of cost and NRV
Determining the cost of inventory
Inventory valuations and profit
Inventories on the ETB
Accounting for opening and closing inventories
Ledger accounting for inventories