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    tiernanj's Avatar
    tiernanj Posts: 11, Reputation: 1
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    #1

    Mar 10, 2009, 06:17 PM
    What is beginning inventory and ending inventory?
    Where are these got from the profit and loss account...
    Please see attached
    ROLCAM's Avatar
    ROLCAM Posts: 1,420, Reputation: 23
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    #2

    Mar 13, 2009, 11:36 PM

    The attached is too small to read.

    1) In an organisation that is trading,
    there is usually an inventory at the start of an accounting period. This is inventory at the beginning.

    2) In the same organisation that is trading,
    there is an inventory at the end of the accounting peiod. This is inventory at the end.

    No.1. represents the balance that was used
    at the end of the previous period.

    No.2 is the physical calculation of the
    value of inventory at hand at the end of the period.
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