First book the car price in the system as an asset. Then identify rate of depreciation/estimated asset life and go accordingly. Amount of car at the end of fiscal year suppose to be that amount after deducting of 12 months depreciation from QR. 75000 but it can be changed due to some additional expenses added in this car during the year or changing of estimated asset life.
"Cost of goods sold" widely use in terms of cost accounting. It means actual production/manufacturing cost of a product(Direct & indirect cost) which you sold.
So, cost of goods sold includes actual manufacturing cost plus profit margin.
Stock means, whatever the materials you have available for use in your warehouse.
Inventory means, when you count all material(usable & useless) you have in your warehouse physically & reconcile with system balance & finding amount stuck in your warehouse. It's called inventory estimation & valuation also as well.
First book the car price in the system as an asset. Then identify rate of depreciation/estimated asset life and go accordingly. Amount of car at the end of fiscal year suppose to be that amount after deducting of 12 months depreciation from QR. 75000 but it can be changed due to some additional expenses added in this car during the year or changing of estimated asset life.
"Cost of goods sold" widely use in terms of cost accounting. It means actual production/manufacturing cost of a product(Direct & indirect cost) which you sold.
So, cost of goods sold includes actual manufacturing cost plus profit margin.
Stock means, whatever the materials you have available for use in your warehouse.
Inventory means, when you count all material(usable & useless) you have in your warehouse physically & reconcile with system balance & finding amount stuck in your warehouse. It's called inventory estimation & valuation also as well.