alleryStart learning →Closing stock is Rs 9,800 under FIFO and Rs 8,900 under LIFO. What is the LIFO reserve?
ARs 700
BRs 800
CRs 1,000
DRs 900
Answer & Solution
Correct answer: D. Rs 900
The LIFO reserve is the FIFO value less the LIFO value, 9,800 less 8,900 = 900.
Keep practising Ind AS 2 Inventories and Ind AS 16 Property, Plant and Equipment
Browse all Ind AS 2 Inventories and Ind AS 16 Property, Plant and Equipment questions for CA Final, or explore more Financialreporting topics.
Related questions
How do fixed assets differ from inventory in holding purpose?Why can depreciation on historical cost alone lead to excessive dividends when prices riseIn the appraisal method, who determines fair market value?In indexation, what is applied to the cost of assets?Why might fixed assets be revalued?Which terms apply to natural resources and intangibles respectively?Which event may indicate that an asset is impaired?How is depreciation treated in the cash flow statement?