Method of valuation of finished goods produced

at cost  Method ( FIFO, at cost or market value which ever is less, average, weight average,Production cost )

Manufacturing concern  Three type stock

1.Raw Material

2.Work in Progress

3.Finished Stock

1. Valuation for Raw Material

Purchase Cost , FIFO, average, Weighted Average

2. Valuation for WIP      

             Purchase Cost    -

 Add:-   Process Cost       - 

3.  Valuation for Finished Stock

   Purchase Cost -

  Add:-Process Cost   -

Add:-  other expenses needed  for Closing Stock -

Note:- 1.Purchase Cost means = Item Purchase Price +Duty+Tax+Cess (if not refundable)+Freight, Insurance,Loading/Unloading Etc.

2.Selling & distribution expenses not included for stock valuation 

3. interest on loan not included

In financial Accounts, Cost of production  or Market value whichever is less

In Cost Accounts only cost of production.

Cost of production should be calculated as per the Cost Accounts prepared under Cost accounting standards issued by the ICAI(CMA).

Is Social Welfare considered a part of stock valuation in manufacturing industry. Please explain with reasoning.

social welfare will not be part of valuatioen of closing stock because production would not be affacted if we do not incurr exp on social welfare.

If sales Challan of  Goods costing Rs.50000 is made on 31-3-2017. But actual sale invoice is made on 25-4-2017 @ 45000.

How the same should be treated in books??

Q 1 :- How the stock out should be treated as in March only inventory is out but accounting effect has taken place?
 
Q 2 :- Profit/Loss  of this sales should be booked in which year ?

Q 3 :- Stock valuation method - Cost or Sale Value (since in this case Sale Value is lower than Cost) ?