What is the purpose of calculating the closing ... - SS2 Accounting Manufacturing Account: Terminologies Used Question
What is the purpose of calculating the closing inventory in a manufacturing account?
The closing inventory represents the value of the inventory at the end of the accounting period, and it is used to calculate the cost of goods sold for that period. By subtracting the value of the closing inventory from the total cost of goods produced, the cost of goods sold can be determined.
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