Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Do entire answer properly QUESTION : Mr. Rakshit gives the following information relating to items forming part of inventory as on 31st March, 2019. His
Do entire answer properly
QUESTION : Mr. Rakshit gives the following information relating to items forming part of inventory as on 31st March, 2019. His factory produces product X using raw material A. (1 800 units of raw material A (purchased @ Rs. 140 per unit). Replacement cost of raw material A as on 31st March, 2019 is Rs. 190 per unit. (ii) 650 units of partly finished goods in the process of producing X and cost incurred till date Rs. 310 per unit. These units can be finished next year by incurring additional cost of Rs. 50 per unit. (ii) 1,800 units of finished product X and total cost incurred Rs. 360 per unit. Expected selling price of product X is Rs. 350 per unit. In the context of AS-2, determine how each item of inventory will be valued as on 31st March, 2019. Also, calculate the value of total inventory as on 31st March 2019Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started