Question
Calculate the valuation of closing stock using simple
average method from the following information: ·        100 units purchased for 20 each ·        200 units purchased for 22 each Sold 250 units at 23 eachSolution
Closing inventory in units = Opening Stock + Purchases – Sales = 100+200 – 250 = 50 units Simple average price =average of price without considering the quantity =  (20+22)/2 = 21 per unit So, valuation of Closing Inventory = 50*21 = 1050Â
More Basic Accounting Concepts Questions
- Which letter and number cluster will replace the question mark (?) to complete the given series?
LT6, KU12, IW24, FZ48, ____ - Which letter-cluster will replace the question mark (?) in the following series?
RGV, UME, ?, AYW, DEF - A series is given with one term missing. Choose the correct alternatives from the given ones that will complete the series.
57, 59, 56, 61, 54, ___ - Select the number from among the given options that can replace the question mark (?) in the following series.
17, 18, 22, 31, 47, ___ - Which letter-cluster will replace the question mark (?) in the following series?
NPQR, OORQ, PNSP, ____, RLUN
