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Topic - Quick one for the accountants?

gcandlin - on 20 Nov 2012
Trying to get my head arround Balance sheets and profit and loss accounts. Did some at Uni but struggling to remember....

Can anyone help with the following question.

I am a manufacturer in my first year of business so when I come to do my P&L account I presume I put opening stock at 0, purchases at what ever I spent on raw materials, but what about closing stock? As I manufacture the goods from raw materials to order, do I calculate how many items I could manufacture from those raw materials I have in stock and then put the retail value of those item combined? For example if I had enough fabric left to make 10 chalk bags, do I put my closing stock as the value of those 10 chalk bags?

Hope someone can assist as a day googling has boggled my brain.

Cheers
Gc
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