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Solve this question with detail pls....

Have some question please solve in detail ..

1) Average stock=12,000. Closing stock Rs, 3000 more than opening stock. The value of closing stock = --------

a) 12, 000 b)24, 000 c) 10,500 d) 13,5000

 

2) A company is following weighted average cost method for valuing its inventory. The details of its purchase and issue of raw-materials during the week are as follows:

1.12.2005 opening stock 50 units value2,200

2.12.2005 purchased 100 units @ 47

4.12.2005 issued 50 units

5.12.2005 purchased 200 units  @ 48

The value of inventory at the end of the week and the unit weighted average cost is

a)14200 - 47.33   b)14300 - 47.67  c) Ea 14000 - 46.66  d) 14400 - 48.00

 

3) The books T Ltd. revealed the following information:

Opening inventory                                               6, 00,000

Purchase during the year 2003-04                     34, 00,000

Sales during the year 2003-04                           48, 00,000

On March 31, 2004, the value of inventory as per physical stock-taking was3, 25,000. The company`s gross profit on sales has remained constant at 25%. The management of the company suspects that some inventory might have been pilfered by a new employee. What is the estimated cost of missing inventory?

a)75000   b)25000 c)100000 d)150000

 

4) C ltd. recorded the following information as on March 31, 2005:

Stock as on April 01, 2004                80,000

 

Purchase                                            160000

Sales                                                200000

It is noticed that goods worth30,000 were destroyed due to fire. Against this, the insurance company accepted a claim of20000.

The company sells goods at cost plus 33 1/3%. The value of closing inventory, after taking into account the above transactions is,

a) 10000   b)30000  c) 100000 d)60000

5) D company a dealer in cosmetic, records its inventory under FIFO method, so as to minimize accumulation of outdated stock.. The opening stock as on September 01, 2005 is 150 units at the rate 20 per unit. The purchases and sales made during the month are:

Purchase:

Date                                    unit                                  cost price per unit                                                                   

04-09-2005                                                                  200      Rs.  25

14-09-2005                       100                                     Rs 22

Sales:

03-09-2005                      100

10-09-2005                       150           

With effect from sep 01 2005, the company decided to change the method of inventory valuation from the FIFO method to LIFO method. The change in the value of inventory consequent upon the change in the method of valuation is

a)      Increase in the value of closing stock by 250

b)      Decrease in the value of closing stock by250.

c)      Increase in the value of closing stock by500.

d)     Decrease in the value of closing stock by500

6) E ltd, a dealer in secon0hand cars has the following five vehicles of different models and makes in their stock at the end of the financial year 2004-2005:

Car                                    Fiat        Ambassador   Maruti         Esteem    Maruti 800 Zen

Cost                                 90,000      1, 15,000        2, 75,000   1, 00,000    2, 10,000

Net Realizable value     95,000        1, 55,000       2, 65,000      1, 25,000     2, 00,000

The value of stock included in the balance sheet of the company as on march 31, 2005 was

a)      Rs. 7,62,500

b)      Rs. 7,70,000

c)      Rs. 7,90,000

d)     Rs. 8,70,000

 

 

 

 

 

 



 11 Replies

Rajnikant Vadigoppula

Rajnikant Vadigoppula (CA, CS And CMA Final)     11 June 2011

1. 3000/2=1500

12000+1500=13500=closing stock

 

Rajnikant Vadigoppula

Rajnikant Vadigoppula (CA, CS And CMA Final)     11 June 2011

now i am leaving i will solve it later.

CA Devender Chauhan

CA Devender Chauhan (Group Financial Accountant)     11 June 2011

2)

14200
47.33333

3)

75000

right now I could be able to solve only these two because of time.

Ashish Chauhan

Ashish Chauhan (CA-Final)     11 June 2011

opening stock =x

closing stock =x+3000

average stock=opening + closing

                            -----------------------

                                        2

12000=  x+x+3000

                -------------

                      2

12000=2X+3000

              ------------

                    2

24000 = 2X+3000

21000=2X

X=10500

CLOSING STOCK = 10500

 

Abishek.S

Abishek.S (articles)     11 June 2011

 

1) Average stock=12,000. Closing stock Rs, 3000 more than opening stock. The value of closing stock = --------

a) 12, 000 b)24, 000 c) 10,500 d) 13,5000

 

op+cl/2 =12000

0p+cl=24000

Cl=24000-op

Cl=op+3000

Solving, 2cl=27000

Cl=13500

Abishek.S

Abishek.S (articles)     11 June 2011

 

2)                    

date                                     pur.                                              Issue                                                              balance

1                                          -----                                               ------                                                      50 @ 44=2200

2                                  100 @ 47=4700                                   -------                                                     50 @ 44=2200

                                                                                                                                                                                                                                                                                                                                                         100 @ 47=4700

                                                                                                                                                                                                                                                                                                                                                         150 @ 46=6900

4                                          ------                                      (  50 @ 46=2300 )                                                                                                                                                                                                                              100 @ 46=4600                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 

 
                                                                                                                                                                                                                                                                                                                       
                                  

5                                   200 @ 48=9600                                   ------                                                                                                                                                                                                                                          100 @ 46=4600

                                                                                                                                                           200 @ 48=9600

                                                                                                                                                                                                                                                                                                                                              300 @ 47.33=14200

 

Abishek.S

Abishek.S (articles)     11 June 2011

 

3)    OP+PUR-CL=COGS

       6L+34L-X=36L (note)

         X=4L

        Cl=4L

But given cl=3.25L

Then 75000 is missing

 

  NOTE:    GROSS PROFIT=25%

                     COST=75%

             Then,48L*0.75=36L     

Abishek.S

Abishek.S (articles)     11 June 2011

6) stock should be valued on item by item basis

then,

flat -90000(cost)

amb-115000(cost)

m-e-265000(nrv)

m-8-100000(cost)

zen-200000(nrv)

total=770000

stock should be valued at cost or nrv whichever is lower

 

Dileep Chandra

Dileep Chandra (student)     04 June 2016

Opening stock = 10500 

 Closing stock = 10500+ 3000

                          = 13500

Siddhant Singh

Siddhant Singh   08 December 2017

The stock on hand always been valued at 10% below cost Opening stock 110700
chandusammitty

chandusammitty (cma student)     01 March 2018

sir pls slove this 

if average inventory 


Attached File : 2253351 20180301125615 value of closing inventory.txt downloaded: 59 times

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