About accounting about inventory?

Question

in current assest in the balance sheet, Is the inventory closing or opening stock

Answer 1

You can draw up a balance sheet at any point in time. If your balance sheet is at Jan 1, your inventory would be the opening stock for the year, and if your balance sheet is at Dec 31, then the inventory would be your closing stock, assuming your financial year runs from Jan 1 to Dec 31. But pls remember that the closing stock of one year is the opening stock for the next year.

Answer 2

Inventory is a current asset because it will most likely be depleted within a years time frame. As for the closing or opening stock, I have never heard such terms in relation to inventory. What exactly are you trying to ask?

Answer 3

At the end of a period, in the balance sheet inventory is closing inventory for the period an opening inventory for the next period,

When we look for change in inventory as part of cost statements, we take closing inventory of previous period as starting inventory from closing inventory for this period.