Answer Posted / srikanth reddy
# 1
closing stock = opening stock + purchase of this period-
sales in this period = closing stock raw material value +
closing stock finishing material vlue.
There are 3 methods are used for calculation
closing stock value
A) FIFO:- FIRST IN FIRST OUT (APPLIED IN OUR COMPANY)
B) LIFO:- LAST IN FIRST OUT
C) WEIGHTED AVG:- TOTAL CLOSING STOCK QTY MULTIPLY
WITH LAST PURCHASE RATE.
| Is This Answer Correct ? | 46 Yes | 28 No |
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