Accountancy, asked by vinijoshi8335, 1 year ago

What is the accounting treatment of ‘Stores and Spares’ when the Company will calculate its Inventory Turnover Ratio?

Answers

Answered by anuritha

stores and spares its treated as inventory . therefore its classified as non current asset .

inventory turnover ratio = cost of goods sold / average inventory

average inventory = opening stock + closing stock /2

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