Stock is valued using FIFO. Opening stock was 10 units at Rs. 2 each. Purchases were 30 units at Rs. 3 each, then issues of 12 units were made, followed by issues of 8 units. The value of closing stock will be?
- Rs. 60
- Rs. 40
- Rs. 80
- None of these
Explanation
To find the value of closing stock using FIFO:
Initial stock: 10 units @ Rs. 2 = Rs. 20
Purchases: 30 units @ Rs. 3 = Rs. 90
Total stock: 40 units
Issues: 12 units (from initial stock) = 10 units @ Rs. 2 + 2 units @ Rs. 3
Remaining stock: 28 units (2 units @ Rs. 3 + 30 - 2 = 28 units @ Rs. 3)
Issues: 8 units (from purchases) = 8 units @ Rs. 3
Remaining stock (closing stock): 20 units @ Rs. 3
Value of closing stock: 20 units @ Rs. 3 = Rs. 60
Related MCQs
آڈٹ کے دوران تیار شدہ ورکنگ پیپرز کس کی ملکیت ہیں؟
- Auditor
- Securities and Exchange Commission
- Federal Board of Revenue
- None of these
اس سوال کو وضاحت کے ساتھ پڑھیں
آڈٹ پروگرام سے کیا مراد ہے؟
- A detailed step-by-step plan of audit procedures to be executed
- An agreement letter signed by the client
- A system flowchart
- None of these
اس سوال کو وضاحت کے ساتھ پڑھیں
آڈٹ کی منصوبہ بندی کے عمل میں تجزیاتی طریقہ کار کو کس کام میں مدد فراہم کرتے ہیں؟
- Evaluate internal control design directly
- Test detailed transaction entries
- Understand the entity and identify areas of high risk
- None of these
اس سوال کو وضاحت کے ساتھ پڑھیں
بینک کو بھیجنے والی معیاری تصدیق کی درخواستیں کس چیز کی تصدیق کرتے ہیں؟
- Cash balances, loans, contingent liabilities, and securities held
- Directors' personal bank details
- Monthly sales volume
- None of these
اس سوال کو وضاحت کے ساتھ پڑھیں
کون سا آئی ایس اے آڈیٹر کی دھوکہ دہی سے متعلق ذمہ داریوں کو بیان کرتا ہے؟
- ISA 300
- ISA 200
- ISA 240
- None of these
اس سوال کو وضاحت کے ساتھ پڑھیں
