Answered step by step
Verified Expert Solution
Link Copied!

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 image text in transcribed

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 2019

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Managerial Accounting

Authors: Ray H. Garrison, Eric W. Noreen, Peter C. Brewer

12th Edition

978-0073526706, 9780073526706

More Books

Students also viewed these Accounting questions