Inventories -Test 4

The Inventory valuation is dealt by ———

As per AS-2, the historical cost of inventories should normally be determined by using———-

The inventory of finished goods is valued at ————

Damaged inventory is valued at ———

When FIFO method is followed ,During period of rising prices———-

Under inflationary conditions, which of the methods will show highest value of closing stock ?

Cost of goods sold is equal to ———-

If Opening stock is under stated ————–

If Opening stock is over stated ———-

Inventory is ———–

Inventory is ————

Machinery spares are generally accounted for as —————

Which of the following is an example of inventory ————–

Which is the feature of perpetual method?

Finished goods are valued at———–

How would the closing stock be valued, when expected selling price is lower than the cost?

What is the essence of base stock method?

What are cost formulas?

Opening Inventory Rs.1,00,000. Sales Rs.3,00,000,Selling Price 33 1/3% on cost.Closing inventory Rs.2,75,000.The total amount of purchases is ————–

Consider the following for R ltd for the year 2006-07:

Cost of goods available for sale : Rs.1,00,000

Total sales                                      :Rs.80,000

Opening stock of goods                :Rs.20,000

Gross profit margin                       : 25%

Closing stock of goods for the year 2006-07 was ———–

Cost of physical stock on 15.04.06 was Rs.3,00,000 sales amounting Rs.1,00,000 and purchases worth Rs.50,000

were held between 31.03.06  and 15.04.06 .Goods are sold at a profit of 20% on sales. Value of inventory as on 31.03.06 is ———-

Where the cost of by-product can be separately determined , it should be valued at———

Where the cost of by-product cannot be separately determined, it should be valued at ———

Where facilities for reprocessing exits , Inventory of reusable was should be valued at ————

Inventory of non-reusable waste or inventory of reusable waste for which facilities for reprocessing do not exit should be valued at ———

The amount of purchase, if cost of goods sold is RS.80,700 ————

Opening stock  :Rs,5,800

Closing stock    :Rs.6,000

Average stock =Rs.12,000. Closing stock is Rs.3,000 more than opening stock. The value of closing stock=———

If the profit is 25% of the cost price, then it is ———–

Goods purchased Rs.1,00,000. Sales Rs.90,000. Margin 20% on cost. Closing stock =?

Stock is ——————–