Question

Calculation of Closing Stock​

Answer 1

Answer:

The most obvious way to calculate closing inventory is by doing a physical count at the end of each month and then to value the inventory using a valuation method such as LIFO, FIFO and Weighted Average Method.

However, in most cases, it’s not practical to carry out a physical count. Hence an estimation method is used for estimating closing inventory.

1. Gross Profit Method

2. Retail Method

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Answer 2

Answer:

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