alleryStart learning →A firm bought 200 units at Rs 20, then 300 units at Rs 24, and sold 350 units. Closing stock under FIFO?
ARs 3,000
BRs 3,450
CRs 3,360
DRs 3,600
Answer & Solution
Correct answer: D. Rs 3,600
FIFO sells all 200 early units and 150 of the later ones, leaving 150 units at Rs 24, which is Rs 3,600.
Keep practising Valuation of Inventories (AS 2)
Browse all Valuation of Inventories (AS 2) questions for CA Inter, or explore more Accounting topics.
Related questions
Which cost may be added to inventory cost as an other cost?Which classification covers goods acquired for trading in AS 2?Which items can be grouped for NRV write-down?When may actual output be used to allocate fixed overheads?Under AS 2, what does normal capacity mean?NRV counts later price changes if they do what?How are maintenance supplies and loose tools awaiting use treated?How is software bought for resale classified under AS 2?