Valuation of Inventory at Selling Price

Abstract

PQR limited is limited liability Company which is engaging a retail business as a super market with more than 300 Outlets Island wide. It imports and locally purchases groceries, provisions, liquor, house hold items and fruits & vegetables, and distribute to the outlets using 5 warehouses. Normally they conduct a physical stock verification at the end of every financial year of assessment. On that time of stock count, the company value the stock at selling price.