Types of inventory

MeraSkill.com Online preparation for CA CPT,CS & CMA Foundation exam

Types of Inventory

MeraSkill.com Online preparation for CA CPT,CS & CMA Foundation exam

MeraSkill.com Online preparation for CA CPT,CS & CMA Foundation exam

Types of Inventory

MeraSkill.com Online preparation for CA CPT,CS & CMA Foundation exam

Production Process at Home

MeraSkill.com Online preparation for CA CPT,CS & CMA Foundation exam

TRADER

SELLS

BUYS

MAKESBUYSMANUFACTURER

SELLS

MeraSkill.com Online preparation for CA CPT,CS & CMA Foundation exam

Types of InventoryInventories are currents assets held

for sale in the ordinary course of business

in the process of production for such sale

in the form of materials and supplies to be consumed in the process of production or rendering of services

as maintenance supplies and consumables other than machinery spares

MeraSkill.com Online preparation for CA CPT,CS & CMA Foundation exam

ExerciseAt the time of stocktaking conducted on 31st March, there were certain goods costing Rs.1,000 that were lying in stock in the godown. These goods were invoiced for sale for Rs. 1,200 on March 15. What should be included for calculating inventory for the year ended on 31st March?

(a) Exclude the goods from calculating Inventory.(b) Include the goods in Inventory at sales price Rs.1,200.(c) Include the goods in Inventory at cost price Rs.1,000.(d) None of the above.

MeraSkill.com Online preparation for CA CPT,CS & CMA Foundation exam

ExerciseAt the time of stocktaking conducted on 31st March, there were certain goods costing Rs.1,000 that were lying in stock in the godown. These goods were invoiced for sale for Rs. 1,200 on March 15. What should be included for calculating inventory for the year ended on 31st March?

(a) Exclude the goods from calculating Inventory.(b) Include the goods in Inventory at sales price Rs.1,200.(c) Include the goods in Inventory at cost price Rs.1,000.(d) None of the above.

MeraSkill.com Online preparation for CA CPT,CS & CMA Foundation exam

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MeraSkill.com Online preparation for CA CPT,CS & CMA Foundation exam