Inventories and Cost of Sales Section
Manufacturers, retailers, wholesalers and service-based companies often maintain large amounts of inventory, which represents a significant balance sheet caption. Existence, ownership, pricing and valuation are the main objectives during an audit. The term ‘Inventory’ refers to items held for sale, in process of production, or to be converted or consumed in the production of goods or services.
KeywordsPurchase Price Construction Company Disclosure Requirement Inventory Item Inventory Valuation
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