Inventory at the year end
Count what is left, value it at the lower of cost and net realisable value, put it into the books, and use it to find the cost of goods sold.
See the first roomHow to count inventory at the year end
Rooms in this module
How this works
Each room answers one problem. A task is a few lines of reading, then questions you answer in the books: post to an account, type a figure, sort, match or write a journal. Every answer is marked at once, with the rule behind it. There are no videos.
Words in this module
- Cost of sales
- Cost of sales is what the goods sold in a year cost the business: opening inventory, plus purchases, less closing inventory.
- Inventory
- Inventory is the goods a business holds at a point in time: bought or made, and not yet sold.
Questions
How many rooms and questions are in Inventory at the year end?
4 rooms and 34 questions. Every question is marked at once.
How long does it take?
About 33 minutes in all. A room takes 7 to 9 minutes, so you can do one at a time.
Is it free?
No. These rooms need Premium. Each room shows the start of its first task before you pay.
What should I do first?
Irrecoverable debts. It is the module before this one in Year-end adjustments.