closing inventory
value and quantities of stock in trade at the end of an accounting period .
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during the year, and from that total, subtract the closing inventory. The resulting figure is the "Cost of Sales" figure for the year. This figure represents the cost of creating and manufacturing the books that have been sold during the year.
" Under this method, the retail value of the closing inventory is reduced by a mark-on percentage; the difference is the cost or the lower of cost or market value of the closing inventory. The mark-on percentage is determined by: ...
inventory carried over to next balance sheet the closing inventory at the end of the balance sheet from one accounting period that is transferred forward and becomes the opening inventory in the one that follows.
This should be the same as last year's closing inventory.
Bookkeeping
Bookkeeping Schools ...
Cost of Sales - A formula that is used to work out the direct costs associated with the items sold. It is calculated as opening Inventory plus purchases (an freight in) minus closing inventory. (same as cost of goods sold) ...
 See also: Acquisitions, Cost of goods, Cost of goods sold, Expense, Compensation
  
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