A toy company sells its toys and values its inventory at FIFO cost model as on 31st
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Question:
A toy company sells its toys and values its inventory at FIFO cost model as on 31st march 2022, A record of the transaction is as below
month | quantity | amount | quantity sold | amount |
april | 10 @ INR 200 each | 2000 | ||
october | 10 @ INR 240 each | 2400 | ||
november | 8 @ INR 450 each | 3600 | ||
february | 20 @ INR 300 each | 6000 | ||
march | 20 @ INR 600 each | 12,000 |
A) calculate value of closing inventory as on 31st march 2022
Related Book For
Using Financial Accounting Information The Alternative to Debits and Credits
ISBN: 978-1133161646
7th Edition
Authors: Gary A. Porter, Curtis L. Norton
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