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Briefly explain about Stok valuation.
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Answer / jagannath c v
Inventories are valued at the lower of costg, computed on
weighted average basis and estimated net realizable value.
Cost of work-in-process and finished goods includes
manufacturing overheads. The Company accrues for excise
duty liability in respect of manufactured finished goods
inventories lying in the factory and customs duty liability
in respect of inventories in bond. Net realizable value is
the estimated selling price in the ordinary course of
business, less estimted cost of completion and estimated
cost necessary to make the sale.
| Is This Answer Correct ? | 10 Yes | 1 No |
Answer / jagannath c v
In Stock valuation, Raw Material are valued at
FIFO,WEIGHTED AVG depending up on valuation adopted by each
company. WIP ARE VALUED RAWMATERIAL PLUS
CONVERSION COST AND FINISHED GOODS ARE VALUED AT COST OR
NET REALIZATION WHICH EVER IS LEAST AS PER ACCOUNTANT
STANDARD 2.
| Is This Answer Correct ? | 5 Yes | 0 No |
Answer / jagannath c v
In Stock valuation, Raw Material are valued at
FIFO,WEIGHTED AVG. WIP ARE VALUED RAWMATERIAL PLUS
CONVERSION COST AND FINISHED GOODS ARE VALUED AT COST OR
NET REALIZATION WHICH EVER IS LEAST AS PER ACCOUNTANT
STANDARD 2.
| Is This Answer Correct ? | 6 Yes | 3 No |
Answer / arvind desai
Inventories are valued at the actual cost Computed on
weighted average cost or FIFO basis and estimated net
realizable value. Cost of work-in-process and finished
goods includes manufacturing overheads. The Company
accrues for excise duty liability in respect of
manufactured finished goods inventories lying in the
factory and customs duty liability in respect of
inventories in bond. Net realizable value is
the estimated selling price in the ordinary course of
business, less estimted cost of completion and estimated
cost necessary to make the sale.
| Is This Answer Correct ? | 2 Yes | 0 No |
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