Question
What will be the closing inventory for BNM Ltd if its
sells 3 products X, Y and Z and shares the following information at the end of the year?Solution
Value of closing inventory is done at Cost or NRV whichever is lower on item-by item basis as per AS 2 For Product X inventory = 17*300 = 5100 For product Y inventory = 18*200 = 3600 For product Z inventory = 23*100 = 2300 So total closing inventory = 5100+3600+2300 = 11,000
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