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LKAS 02 - INVENTORY - Coggle Diagram
LKAS 02 - INVENTORY
Elements
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other costs incurred when bringing inventories to the present location & the condition.
(abnormal overheads and administration overheads are not related)
EX: Transportation cos
COST FORMULAS
FIFO - last column : cost of closing stock
2nd column QTY: units sold
2nd column value: cost of sales
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DEFINITION
Assets that are
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In the form of materials or supplies to be consumed in the production process or rendering services. (Raw materials)
Net Realizable Value
NRV = Estimated selling price - (estimated cost of completion + estimated cost necessary to make the sale)
Inventory A/C Dr. 490,000
Stock written off Dr. 10,000
Trading account / COS Cr. 500,000
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