Under LIFO method, the purchases and issues are as follows: March 1 Purchased 300 units @ ₹3 each March 5 Purchased 600 units @ ₹4 each March 6 Issued 500 units March 12 Purchased 700 units @ ₹5 each March 16 Issued 800
CS Executive · Cost and Management Accounting · PYQS · December 2017
Under LIFO method, the purchases and issues are as follows: March 1 Purchased 300 units @ ₹3 each March 5 Purchased 600 units @ ₹4 each March 6 Issued 500 units March 12 Purchased 700 units @ ₹5 each March 16 Issued 800 units The value of closing stock shall be : (A) ₹900 (B) ₹1,200 (C) ₹1,500 (D) ₹2,100
Answer & Explanation:
Correct Answer: Option (A)
Official answer key: (A).
Topics: Material Pricing
Related Questions in this Topic
- Which of the following methods of pricing of material issues, avoids price fluctuations and reduces the number of calcul...
- The following information is given for receipts and issues of a material in the month of May, 2021: Date Particular...
- Under which of the following methods, the materials in stock are valued at the price of the latest purchases:
- Which of the following method of pricing of material issue is categorized as 'Notional Price Method' ?
- During the time of inflation, the method of pricing material issues which leads to a lower material costs for a job is: ...