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Correction of Opening Stock
write2sourav
Member Posts: 113
Hi,
At the time of uploading Item opening stock, the correct cost of per unit of the item was not known. As a result the stock of some items was uploaded at a notional cost. After that the items were issued in the system. Later on the client came to know about the actual cost of the item. What will be the ways to correct the value of the opening stock if
a) All the items have been issued and inventory is zero.
b) The Inventory is not zero (i.e. some quantity is available).
The costing method is FIFO.
Please advice.
At the time of uploading Item opening stock, the correct cost of per unit of the item was not known. As a result the stock of some items was uploaded at a notional cost. After that the items were issued in the system. Later on the client came to know about the actual cost of the item. What will be the ways to correct the value of the opening stock if
a) All the items have been issued and inventory is zero.
b) The Inventory is not zero (i.e. some quantity is available).
The costing method is FIFO.
Please advice.
0
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