yes i do
We do have different methods of assets valuations and it depends on the method that will suit you best. This shall also have impact on your profit at the end of the day. We have three method of stock valuation which are:
•First-in, First-out (FIFO)
•Last-in, First-out (LIFO):
Depending on the depreciation method used then also then it shall affect your profits but all you should know is that the formula for profit calculation shall remain as
(Gross profit formula) Profit= sales(less returns) less cost of sale
Not that cost of sale= purchase less return add opening stock and you less closing stock.
Hope that is of help
Yes, I do know how to prepare valuation of inventory & the calculation of profits.
I used to do it for a living.
I Also know how to do it
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