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how we do calculate of closing stock for company. what is the process of
calculation of closing stock.
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Answer / manojs
inventory is calculated at the lower of cost or net
realisable value
process:fifo assumes goods bought first are sold
first. so after your sale the remaining goods are closing
inventory
2.lifo assumes the latest goods are sold first and
remaining would be your closing stock
| Is This Answer Correct ? | 8 Yes | 0 No |
WE HAVE 3 METHODS FOR CALCULATING THE CLOSING STOCK IN A
COMPANY THAT IS FIFO , LIFO AND WEIGHTED AVERAGE.NORMAL
CALCULATION IS closing stock = opening stock + purchase of
this period-
sales in this period = closing stock raw material value +
closing stock finishing material value. but in a company we
follow fifo that is first in first out method .
| Is This Answer Correct ? | 4 Yes | 0 No |
An importer import some goods @10,000 us dollar on cif basis following dollar rates avilable on the date of presentention of bill entry.(1) Rbi floor rate 46.35,(2) rate notify by CBE AND C under section 14(3)(a)(i)of custom act Rs.46.55 (3) Rate at which bank has reliased the payment from importer Rs.46.58, what will be assessable valu according to custom act?
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