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5) D company a dealer in cosmetic, records its inventory under FIFO method, so as to minimize accumulation of outdated stock..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
CAclubindia
