closing stock
This query is : Open
24 April 2010
how to work out value of closing finished stock at the time of finalisation.PRACTICALLY we know mkt price but how to compute cost price whn diffrent raw material is using to produce product & this different raw material having diffrent quantity units i.e some in kgs ,mt,liters for same product.
thanx
thanx
CA Debasish Banerjee
(Expert)
24 April 2010
Your Raw material value as per cost..
WIP as per cost sheet till the % of product completed.. and Finished Goods as per your manufacturing cost. [No element of profit should be considered and all losses (if any) to be accounted for..]
Regarding the state of matter if it is in solid form you will have it in weight or length ( in the form it is sold ) , in liquid / gas form it will be in volumn ( again in the form it is sold)..
WIP as per cost sheet till the % of product completed.. and Finished Goods as per your manufacturing cost. [No element of profit should be considered and all losses (if any) to be accounted for..]
Regarding the state of matter if it is in solid form you will have it in weight or length ( in the form it is sold ) , in liquid / gas form it will be in volumn ( again in the form it is sold)..
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