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If ending inventory is understated by $ 10,000 then COGS will be overstated by the same amount. This is because ending inventory is deducted from COGS.
What is inventory control?
Tracking inventory from producers to warehouses and from these locations to a point of sale is inventory management, a crucial component of the supply chain. Having the right products at the right location at the right time is the aim of inventory management.
What makes inventory so crucial?
No of the size of your organisation, having an effective inventory management system is crucial. It can assist you in keeping track of all your goods and figuring out the precise costs. Additionally, it can assist you in managing rapid variations in demand without compromising customer satisfaction or product quality.
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