Question
What is meant by closing Stock? How is it valued and shown in the final accounts?
Explain.
Answer :
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Closing stock is the amount of inventory that a business still has on hand at the end of a reporting period. This includes raw materials, work-in-process, and finished goods inventory. The amount of closing stock can be ascertained with a physical count of the inventory. It can also be determined by using a perpetual inventory system and cycle counting to continually adjust inventory records to arrive at ending balances.
The amount of closing stock (properly valued) is used to arrive at the cost
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