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NIGERIAN MIDSTREAM & DOWNSTREAM PETROLEUM REGULATORY AUTHORITY (NMRA)PETROLEUM PRODUCTS STOCK & DAYS SUFFICIENCY REPORT 31ST MAY 2022 1NIGERIAN MIDSTREAM & DOWNSTREAM PETROLEUM REGULATORY AUTHORITY
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How to fill out closing stock less
01
Determine the valuation method: Decide whether you will use the FIFO, LIFO, or weighted average method to value your closing stock.
02
Gather the necessary information: Collect the details of the opening stock, purchases or production during the specified period, sales, and any stock returns or adjustments.
03
Calculate the cost of goods sold (COGS): Subtract the value of closing stock from the sum of opening stock and purchases or production to get the COGS.
04
Calculate the closing stock value: Subtract the COGS from the sum of opening stock and purchases or production to obtain the closing stock value.
05
Record the closing stock less: Enter the closing stock value as an expense in your accounting records or financial statements to reflect the reduction in stock value.
Who needs closing stock less?
01
Businesses and organizations that maintain inventory or stock of goods need to calculate and report closing stock less. This is necessary for accurate financial reporting, determining the cost of goods sold, calculating profits, and evaluating inventory management.
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What is closing stock less?
Closing stock less refers to the amount of inventory remaining at the end of a specified period after deducting any losses or damages.
Who is required to file closing stock less?
Businesses or individuals who have inventory or stock are required to file closing stock less as part of their financial reporting.
How to fill out closing stock less?
To fill out closing stock less, you need to calculate the ending inventory balance by subtracting any depletion, shrinkage, or damages from the beginning inventory balance.
What is the purpose of closing stock less?
The purpose of closing stock less is to accurately reflect the value of remaining inventory at the end of a reporting period for financial reporting and taxation purposes.
What information must be reported on closing stock less?
Information such as the beginning inventory balance, purchases, sales, and any deductions for damages or losses must be reported on closing stock less.
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