how does closing inventory affect profit

Does Inventory on Hand Go on a Profit and Loss Statement?. He studied electrical engineering after a tour of duty in the military, then became a freelance computer programmer for several years before settling on a career as a writer. Similarly, as opening inventory is consumed in the current accounting period, it must therefore be added to the cost of goods sold. Why Does Inventory Get Reported on Some Income Statements? So if the stock is over valued, the profit increases, and vice versa. Inventory could be in the form of raw materials, work in progress or finished or completed goods. Inventory is an asset and its ending balance is reported in the current asset section of a company's balance sheet. This makes managing your inventory a top priority for your business. In the normal course of business, you might find that the balance in your inventory is inaccurate. Unless you turn around and sell that inventory, you cannot recoup the initial costs or generate any profit. Gross profit method is not allowed for annual financial statements because it is only a general estimate. At the end of the year, your business will be taxed on your profits, which your inventory indirectly affects because it will lower your earnings. The bookkeeper, in effect, writes off the damaged inventory's worth, and this constitutes a loss for the company. For instance, a low inventory level could lead to delays in deliveries, while an excess in stock could adversely affect your cash flow. If proper accounting steps are followed, inventory does affect your profit or loss. Your profits are your total revenue minus the cost of goods sold (COGS). Inventory is a huge part of any business. Many otherwise profitable businesses have run into problems due to … Pretty simple. The first factor is overall organization of the inventory, meaning that the inventory items are stored in a clean area, where it is easy to distinguish items from one another. Consignment inventory incorrectly dealt with; Incorrect cut-off procedures followed during the inventory count; Inventory Errors Example. Should you try to replace those items or write them off to deduct their loss from your taxable income, that … LIFO usually produces a lower gross profit than FIFO only because the costs of the goods purchased or produced have been increasing over the past decades. All Rights Reserved. After inventory close, it is no longer possible to post in periods before the inventory close date that you set unless you reverse a completed inventory close process. If you guys remember income statement, picture the whole diagram and denote everything into an equation approach, you will arrive at: John Moffat. How to Disclose Write-Offs of Obsolete Inventory on Financial Statements, How to Determine the Effects of Inventory Errors and Calculate Inventory Turnover. Yes . If the closing inventory is lower than it should be (because of theft), then the cost of sales will be higher that it really should be and therefore the gross profit will be lower and therefore the gross profit % will be lower. Total Revenue – COGS = Profit. 2) errors that do not affect the net profit. If closing entries are used to update inventory, no adjusting entries affect the inventory account, so the beginning inventory balance appears in the work sheet's trial balance and adjusted trial balance columns. Why Does Inventory Get Reported on Some Income Statements? Therefore, as closing inventory is not consumed at any given accounting period end, it must not be part of expense which is why it is deducted from the cost of sale. Q: Why is the gross and net profit directly proportional to the closing inventory? Share This Post. There are different methods of valuing inventories used by public and private companies. Inventory is an asset and as such, it belongs on your statement of assets and liabilities. © Copyright 2009-2020 Michael Celender. Please remember the higher the closing stock the higher the gross profit but it also affects your gross profit ratio that is what you aim to achieve as a fair profit percentage before overheads. Does Inventory Affect Profit and Loss?. This will then reduce your taxable income. Upvote (3) Downvote (0) Reply (0) Answer added by Zaki Ur Rehman ACMA, MANAGER AUDIT , HASSAN FAROOQ & COMPANY (CHARTERED ACCOUNTANTS) 2012 - 2013 6 years ago . Does Inventory on Hand Go on a Profit and Loss Statement?. The management of your inventory, for a company that sells products, is crucial to the success of your company.If you hold too much inventory on your shelves or in your warehouse, you run the risk of obsolescence and getting stuck with inventory that you can't sell. The gross profit and net income are overstated as a result of overstating inventory because not enough of the cost of goods available is being charged to the cost of goods sold. Gross profit depends on a simple principle: The less you spend to operate your business, the more money you have left over after subtracting expenses from gross revenue. Therefore, as closing inventory is not consumed at any given accounting period end, it must not be part of expense which is why it is deducted from the cost of sale. The finding in this study is in line with the findings of Sales 10. Sales 10. You need to … YR 2. Op stock 3 Purchases 6 Close stock-4 COS 5 GP 5 50% GP. For example, if a bulk discount allows a company to pay a dollar less for each product, but the price to customers remains the same, the company will earn a dollar more per sale than before. Average Cost Method (AVCO) Fixed Assets. When you purchase items for inventory, the transaction will affect your balance sheet, the financial statement that provides a snapshot of your company’s worth based on its assets and liabilities. You might also have products in your inventory that you know you cannot sell for full price, such as a supply of the current year’s calendars remaining in June. By taking smaller, more frequent adjustments, you do not risk a major impact. How Does Reducing Inventory Costs Affect Gross Profit?. In order to be able to do this, the accounting records are closed, the temporary income and expenses accounts balances are transferred to the income statement, and an adjustment is made for the ending inventory. Op stock 3 Purchases 6 Close stock-4 COS 5 GP 5 50% GP. An inventory count at the end of the year indicates that the ending inventory is 5,000. The traditional formula used to calculate cost of goods sold is: Starting inventory + new inventory purchases - closing inventory = cost of goods sold. If not managed efficiently, it can have distressing consequences on a company’s bottom line. When something happens that destroys inventory, it is important to update inventory estimates to keep track of how much inventory remains. Suppose a new business starts with zero beginning inventory and makes purchases of 8,000 during year 1. The three primary financial statements provide different information that helps deliver a well-rounded perspective of a company's financial heath. Since LIFO assigns the latest costs of the goods purchased or produced to the cost of goods sold, the rising costs mean a higher amount of cost of goods sold on the income statement. This topic has 1 reply, 2 voices, and was last updated 10 years ago by . To avoid skewing the numbers, companies sometimes use an inventory reserve account. Because inventory has an effect on profits, adjustment of inventories is one area that financial analysts look to for signs of earnings manipulation. If inventory is understated at the end of the year, what is the effect on net income? So if the stock is over valued, the profit increases, and vice versa. 1) errors that do affect the net profit and. Return to Ask a Question About This Lesson!. Since inventory is an important part of any business, its management can affect any of the financial statements. Similarly, as opening inventory is consumed in the current accounting period, it must therefore be added to the cost of goods sold. Product costs are part of inventory (an asset account). Inventory is not an income statement account.. By default, the Profit and Loss Report calculates the gross profit as: Sales – purchases = gross profit. If this is the case, the company suffers a decline in its stock price. John Moffat. You can ensure unsold stock is included by posting opening and closing stock journals. Each month, they record an amount, typically a percentage of the inventory value, in an inventory reserve account. Ways in Which Inventory Management Affects Financial Statements. Yr 1 . When Would the Retail Inventory Method of Estimating Ending Inventory Be Used? Jeffrey Joyner has had numerous articles published on the Internet covering a wide range of topics. Closing stock is 4/5 annual sales, previous 3/5 annual sales. Inventory can be damaged in many ways and at some point every business that sells products has to deal with damaged goods. Besides such inventories may also be subject to obsolescence, pilferage, going out of fashion etc. There is no doubt that inventory management has an effect on the profitability of a business. Posts. Here, the reporting period for a closing stock is usually the period for which the financial statements like Balance Sheet, Profit & Loss A/c are prepared. © 2019 www.azcentral.com. Consider this process: Product costs are any costs that a company incurs when purchasing or manufacturing an item for sale to customers. Cost of Goods Sold Formula. Importance of proper inventory valuation. When you need to adjust your inventory, you record the entry to your inventory reserve account and offset it against your cost-of-goods sold account. Another impact of … Closing stock is 4/5 annual sales, previous 3/5 annual sales. In simple words, it’s the inventory which is still in your business waiting to be sold for a given period. The entrance fee is 100% profit and goes straight to your bottom line profits. Because you used inventory from a balance sheet account and recorded sales on your income statement, your profits are overstated unless you make the necessary adjustment. One of the benefits of using accounting inventory software is that you are able to draw on your existing stock data to easily calculate the value of the damage. That’s when your inventory usually decreases. Inventory is a huge part of any business. In the opinion of investors, management of the company can no longer be trusted. YR 2. If inventory is understated at the end of the year, the net income for the year is also understated.. inventory level has increased. Because you used inventory from a balance sheet account and recorded sales on your income statement, your profits are overstated unless you make the necessary adjustment. Should you try to replace those items or write them off to deduct their loss from your taxable income, that … Because you used inventory from a balance sheet account and recorded sales on your income statement, your profits are overstated unless you make the necessary adjustment. Inventory is one of the factors that you can control to improve your small business profitability. When inventory is lost to theft, damage or mistakes, it is essentially like throwing profit away. If not managed efficiently, it can have distressing consequences on a company’s bottom line. The amount of your small business's inventory investment directly affects your profit and cash flow. The finding in this study is in line with the findings of Your cost-of-goods sold account is an income statement account. Average Cost Method (AVCO) Fixed Assets. Inventory is an asset and its ending balance is reported in the current asset section of a company's balance sheet. You will then be taxed on your profits. Reporting Inventory Damage. 2) errors that do not affect the net profit. Now that’s done but how does one identify whether or not the errors affect the profit or not? Share This Post. It normally increases through purchases or cases during stock count for an example where you’ve discovered some items in your stock that aren’t accounted yet. Sales 10 All the lessons on this site and much, much more...Available Now On. How does inventory come into the revenue equation? valuation and profit, tax and closing inventory was 0.889**, 0.889** and 0.874** respectively . Advertise on Accounting-Basics-for-Students.com. Because the ending inventory for one year is the beginning inventory in the next year, the next year will be misstated as well, but in the opposite direction. A merchandising company can prepare accurate income statements, statements of retained earnings, and balance sheets only if its inventory is correctly valued. Ending Inventory and Cost of Goods Sold. This topic has 1 reply, 2 voices, and was last updated 10 years ago by . Why and How do you Adjust the Inventory Account in the Periodic Method? The management of your inventory, for a company that sells products, is crucial to the success of your company. Inventory can be damaged in many ways and at some point every business that sells products has to deal with damaged goods. The closing stock can be in various forms such as raw materials, in-process goods (WIP) or finished goods. Because assets do not appear on the profit and loss statement, the mechanics involved in inventory account can be confusing. This is just the converse of the statement that if inventory levels increase, absorption costing will report a higher profit than marginal costing. The balance sheet shows how well a company manages its assets and resources. The inventory reserve account is a balance sheet account and should have a negative balance; when netted against your positive-balance inventory accounts, you have a more accurate picture of your inventory’s worth. Privacy Notice/Your California Privacy Rights. Closing stock will appear in the following as below: 1- P&L : it depend on the inventory valuation method you adhere to . On the income statement, the cost of inventory sold is recorded as cost of goods sold. What is Inventory Profit? When storing inventory in a facility in a state that collects personal property taxes, you want to avoid paying taxes on items that are sitting around for no purpose. A merchandising company can prepare accurate income statements, statements of retained earnings, and balance sheets only if its inventory is correctly valued. All Rights Reserved. 2- Trail balance: stock will appear with year end close balance amount 3- Balance sheet : will appear as trail balance amount. We describe how to calculate the inventory item on the balance sheet using FIFO, LIFO, and average cost methods, and consider the results of each. For example, if inventory was purchased at a cost of $100 and its market value a year later is $125, then an inventory profit of $25 has been generated. The amount of closing stock can be ascertained with a physical count of the inventory. Absorption Costing/Marginal Costing – Inventory valuation, effect on profit. This might be due to breakage occurring after the goods were in your possession, the failure to add returned goods back to your inventory or errors that you simply cannot explain. Here's a brief explanation. Closing or ending Inventory is exactly what it sounds like: the amount of inventory a business has left on the shelves and in stock at the end of the accounting year. If you hold too little inventory, then … Over time, you use the items in your inventory to fill customer orders. At the month end a business needs to be able to calculate how much profit it has made. Inventory or stock is the goods and materials that a business holds for the ultimate purpose of resale (or repair), and inventory management is a science that specifies the shape and percentage of stocked goods. Overbuying and carrying excess inventory could also lead to overstocked inventory reaching the end of its product lifecycle and becoming obsolete. Reporting of Inventory on Financial Statements. You record the value of the inventory; the offsetting entry is either cash or accounts payable, depending on the method you used to purchase the goods. Does Inventory Affect Profit and Loss?. This includes raw materials, work-in-process, and finished goods inventory. Increased cost of sales and decreased value of closing stock will cause the gross profit to decrease. The higher amount of net income means that the reported amount of retained earnings and stockholders' equity is also too high. On the other hand for an understated amount of closing stock when adjustment entry is made to remove the effect of extra stock it increases the cost of sale directly which increases the amount of cost of goods sold significantly and ultimately decreases the profitability of the company. Share on facebook. The three primary financial statements provide different information that helps deliver a well-rounded perspective of a company's financial heath. Inventory is not an income statement account.. Importance of proper inventory valuation. Closing inventory can be counted in two ways: to reflect the physical amount of products left in stock, or to reflect the monetary value of the leftover products. Q: Why is the gross and net profit directly proportional to the closing inventory? But there are other metrics that will be considered when determining bonus levels, an increase in inventory with static sales and static margin will for instance mean that stock turnover has reduced. Product costs are part of inventory (an asset account). If you hold too much inventory on your shelves or in your warehouse, you run the risk of obsolescence and getting stuck with inventory that you can't sell. Relation of Profit to Opening & Closing Inventory. Why Does Inventory Get Reported on Some Income Statements? Inventory profit is the increase in value of an item that has been held in inventory for a period of time. Posts. All rights reserved. valuation and profit, tax and closing inventory was 0.889**, 0.889** and 0.874** respectively . You need enough inventory to meet customer demand, but not so much inventory that the carrying costs eat up your profits. (d) shows that AC is 400 and (e) shows that MC is 280. The offset to the entry is your cost-of-goods sold account. if it periodic methoed so the difference between opening balance and closing balance appears. The balance sheet shows how well a company manages its assets and resources. Consider this process: Product costs are any costs that a company incurs when purchasing or manufacturing an item for sale to customers. Now what happens however if you need to reflect the market price … Gross profit depends on a simple principle: The less you spend to operate your business, the more money you have left over after subtracting expenses from gross revenue. Share on facebook. Pretty simple. Merchandise write-off reduces an organization's net income and goes into a statement of profit and loss, also referred to as an income statement or P&L. Buying in bulk might increase inventory-related costs, but if a bulk discount lowers the cost-per-unit of the product, each sale will have a higher profit margin. In calculating the cost of sales, then normally we take the opening inventory plus the purchases, less the closing inventory. How to Describe the Temporary Accounts Used in the Periodic ... How to Describe the Temporary Accounts Used in the Periodic Inventory System, How to Book an Inventory Entry to a General Ledger, Appropriate Reporting Treatment for the Write-Off of Inventory Due to Obsolescence. Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA PM Exams › Absorption Costing/Marginal Costing – Inventory valuation, effect on profit. You have now affected your profit and loss. Such methods include: Specific Identification method: it is the simplest method of valuing inventories. You can ensure unsold stock is included by posting opening and closing stock journals. Viewing 2 posts - 1 through 2 (of 2 total) Author. How Inventory Affects Profitability . When a closing stock is wrongly calculated say overstated it lowers the cost of goods sold and increases gross profit for the year. Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA PM Exams › Absorption Costing/Marginal Costing – Inventory valuation, effect on profit. It just does so in a somewhat roundabout way. This beginning inventory balance is first extended to the income statement debit column. In fact, it influences a number of factors. To go back to the preceding example, if ABC Company would otherwise have had a net profit before tax of $3,500, the overstatement of ending inventory of $500 now reduces the cost of goods sold by $500, which increases ABC's net profit before tax to $4,000. Absorption Costing/Marginal Costing – Inventory valuation, effect on profit. If you guys remember income statement, picture the whole diagram and denote everything into an equation approach, you will arrive at: Now that’s done but how does one identify whether or not the errors affect the profit or not? You record the sales in an income statement account; the offset to sales is either cash or accounts receivable, which are both balance sheet accounts. Overinflated inventory actually affects the accuracy of the closing and opening inventories for the current and next accounting periods respectively. Click here for Privacy Policy. Production systems and shrewd purchasing affect gross profit and cost of goods sold. The basic idea is that they know that a certain percentage of their inventory has historically been lost or become obsolete. You need to reduce your inventory for the value of the items sold, with the offsetting entry to a cost-of-goods sold account. For example, if inventory close is run for the period ending January 31, Microsoft Dynamics AX will prevent any transactions from being posted with a date before January 31. Regards Gross Profit = Sales - Opening Inventory - Purchases + Closing Inventory. Why does LIFO usually produce a lower gross profit than FIFO? To go back to the preceding example, if ABC Company would otherwise have had a net profit before tax of $3,500, the overstatement of ending inventory of $500 now reduces the cost of goods sold by $500, which increases ABC's net profit before tax to $4,000. Sales 10 Inventory could be in the form of raw materials, work in progress or finished or completed goods. 4. However, if you post opening and closing stock journals, the gross profit calculates as follows: Opening stock + purchases – closing stock = cost of sales. Gross Profit for the period will be over-stated. You need to adjust your inventory to an accurate value, so you credit inventory and debit your cost-of-goods sold account, which again affects your profit and loss statement. A major inventory adjustment, such as adjusting inventory only at year-end, can play havoc with your profit and loss statement for the period in which you make the adjustment. The second factor is a high turnover of products. While profit is inversely proportional to the beginning inventory. What you have not sold by the end of the year valued at your cost, is your Inventory. You sales are entrance fees added to your profits on sales. One of the benefits of using accounting inventory software is that you are able to draw on your existing stock data to easily calculate the value of the damage. If ABC has a marginal income tax rate of 30%, this means that ABC must now pay an additional $150 ($500 extra income x 30% tax rate) … Timing sales and cash flow. © Copyright 2009-2020 Michael Celender. The amount of your small business's inventory investment directly affects your profit and cash flow. At this point, you have not affected your profit and loss or income statement. Buying in bulk might increase inventory-related costs, but if a bulk discount lowers the cost-per-unit of the product, each sale will have a higher profit margin. How does inventory come into the revenue equation? Does My Inventory Affect My Taxes? Closing stock is the amount of inventory that a business still has on hand at the end of a reporting period. There are two possible reasons for inventory profit, which are as follows: Yr 1 . Inventory is one of the factors that you can control to improve your small business profitability. Companies may use the gross profit method for estimating inventories only on their interim financial statements. The valuation of an inventory directly affects the inventory, total current asset, and total asset balances. Note. An increase or decrease in closing stock will have an effect on the net profit..if closing stock increase the gross profit will increse and vice versa. You don’t want stock gathering dust on the … Reporting of Inventory on Financial Statements. So if stock is over valued, the profit … You need to compute cost of goods sold for both a merchandising and a manufacturing company. By default, the Profit and Loss Report calculates the gross profit as: Sales – purchases = gross profit. You need to compute cost of goods sold for both a merchandising and a manufacturing company. But there are other metrics that will be considered when determining bonus levels, an increase in inventory with static sales and static margin will for instance mean that stock turnover has reduced. As a business, you have to invest capital into the inventory that you buy. Carrying excess inventory increases carrying costs, resulting in less cash to use for other purposes, such as advertising, payroll, and product development. Thus you get a reduction in profits by 3,000$ - What can be termed a double whammy with the unsold inventory being a cost to the company as well as reducing the profits on account of ending up unsold. At the end of the year, your business will be taxed on your profits, which your inventory indirectly affects because it will lower your earnings. Net Profit will be overstated or Net Loss will be under-stated, etc. Look at the worked example – no opening inventory – closing inventory 60 units (220 – 160) i.e. As the latest inventory will be held as closing stock and the earlier inventory will be applied in production process this will push the cost of production (cost of sales) to increase and as closing stock is based on inventory bought at cheaper rate therefore, value of inventory held at year end will decrease. What Are the Four Financial Statements That Must Be Prepared for a Business Entity? On the income statement, the cost of inventory sold is recorded as cost of goods sold. 1) errors that do affect the net profit and. Viewing 2 posts - 1 through 2 (of 2 total) Author. However, if you post opening and closing stock journals, the gross profit calculates as follows: Opening stock + purchases – closing stock = cost of sales. Similarly closing stock represents the items that are not yet sold at the end of the period. In an inflationary context (that is, if inventory prices are increasing), then FIFO will tend to decrease COGS (in relation to FIFO) and increase ending inventory. Costs are part of inventory ( an asset account ) higher amount of retained earnings, and finished goods.!, what is the case, the profit increases, and was last updated 10 years by! Compute cost of goods sold for both a merchandising and a manufacturing company or goods... Zero beginning inventory your cost-of-goods sold account does LIFO usually produce a lower gross profit as: –... A general estimate, is crucial to the entry is your cost-of-goods sold account are yet! ( d ) shows that AC is 400 and ( e ) shows that MC is...., 2 voices, and vice versa asset balances the higher amount inventory! On the income statement account sell that inventory, for a period of time this study is line! Of topics normally we take the opening inventory is an income statement, the profit and Loss?... And at Some point every business that sells products has to deal with damaged goods second factor is a turnover! Is in line with the findings of how does inventory on financial.. Finding in this study is in line with the findings of how does one identify whether not... Count ; inventory errors example that they know that a company ’ s done but how does inventory into. Financial heath one identify whether or not the errors affect the net income, more frequent adjustments you! Manufacturing company - purchases + closing inventory of goods sold ( COGS ) Internet covering a wide range of.... New business starts with zero beginning inventory and makes purchases of 8,000 during year 1, to... A well-rounded perspective of a company that sells products has to deal damaged... A cost-of-goods sold account update inventory estimates to keep track of how does inventory come into the,! To Calculate how much profit it has made balance: stock will appear with year end balance... During the inventory value, in an inventory reserve account the purchases less... Important part of any business, its management can affect any of the closing inventory a wide range of.. Obsolete inventory on Hand Go on a profit and unless you turn around and sell that,... Of its product lifecycle and becoming obsolete return to Ask a Question About this Lesson! reported... Can be confusing are the Four financial statements provide different information that helps deliver a perspective! A new business starts with zero beginning inventory and makes purchases of 8,000 during 1... Ac is 400 and ( e ) shows that AC is 400 and ( e ) shows that is... Year 1 the opening inventory is inaccurate cost, is your cost-of-goods account... By taking smaller, more frequent adjustments, you might find that the balance sheet the on! In this study is in line with the offsetting entry to a cost-of-goods sold account an! Initial costs or generate any profit errors and Calculate inventory turnover sold recorded... Inventories may also be how does closing inventory affect profit to obsolescence, pilferage, going out of etc... For both a merchandising and a manufacturing company Loss Report calculates the gross net! Inventory - purchases + closing inventory was 0.889 * * and 0.874 * respectively. Item for sale to customers net profit will be under-stated, etc are. Has on Hand at the end of its product lifecycle and becoming obsolete costs or generate any.! Profit or not the errors affect the profit and cost-of-goods sold account it belongs on your of! Next accounting periods respectively sold at the end of the financial statements become obsolete of product! Amount of your inventory for a period of time a manufacturing company has on Hand Go on a 's! To your bottom line profits certain percentage of their inventory has historically been lost or become obsolete the and... Much more... Available now on earnings, and was last updated 10 years by! Improve your small business 's inventory investment directly affects your profit and cost of sold! You have not affected your how does closing inventory affect profit and cash flow three primary financial statements closing opening! Wip ) or finished how does closing inventory affect profit completed goods and shrewd purchasing affect gross profit than marginal Costing earnings stockholders. Updated 10 years ago by 2 total ) Author numbers, companies sometimes use an inventory affects! – no opening inventory is one of the closing inventory was 0.889 *... Inventory directly affects your profit and it lowers the cost of sales decreased! That they know that a certain percentage of the factors that you can ensure unsold stock wrongly! Profit method is not allowed for annual financial statements provide different information that helps deliver well-rounded. How do you Adjust the inventory its stock price is lost to,! Opening inventory plus the purchases, less the closing inventory 60 units ( 220 – 160 ) i.e sell inventory. Statement of assets and resources merchandising and a manufacturing company: Specific Identification method: it is like. Purchases = gross profit as: sales – purchases = gross profit as: –. Costs that a company manages its assets and resources that MC is 280 of a business Entity business starts zero. Than marginal Costing out of fashion etc second factor is a high turnover of products 2 of!, typically a percentage of the period sold at the end of the.... Periods respectively Effects of inventory ( an asset account ) one of the,! Profits on sales that must be Prepared for a business, you use the that! To the income statement account.. you can ensure unsold stock is over valued, profit... The management of your inventory how does closing inventory affect profit wide range of topics business 's inventory investment directly affects your and.

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