Question
A company has the following inventory data for a
product: • Opening Stock: 500 units @ ₹50 • Purchases: 1,000 units @ ₹55 • Sales: 1,200 units Closing stock is valued using FIFO. What is the value of closing inventory?Solution
Using FIFO: • 1,200 units sold = 500 @ ₹50 + 700 @ ₹55 = ₹25,000 + ₹38,500 = ₹63,500 • Remaining 300 units = from last purchase @ ₹55 = ₹16,500 So Closing stock = 300 x ₹55 = ₹16,500.
Original cost = 12,60,000; Salvage value = Nil; Useful life = 6 years. Depreciation for the first year under sum of years digits method will be:
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