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Whether Goods receipt is an Asset or liability?
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Answer / iqbal
Goods Receipt is an asset if whole remains ideal at the
time of balance sheet it will show the asset side of
balance sheet.If part of goods consumed balance will shown
as closing balance on B/S as CS
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Definately the Goods receipt is an Asset for a Business.
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1.Closing Inventory consists of 1,100 units. What would be the cost of Closing Inventory under FIFO and LIFO methods? Opening Inventory 1000 units @ $ 10 $ 10,000 Purchase (1) 800 units @ $ 11 $ 8,800 Purchase (2) 500 units @ $ 14 $ 7,000 Purchase (3) 400 units @ $ 12 $ 4,800 Purchase (4) 300 units @ $ 13 $ 3,900 ------------ ----------- Totals 3000 units $ 34,500 ======= ======
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