The following are the details of material inventory bought and used by manufacturing company: Date Particulars Unit and Rate 1.10.24 Balance opening…
CA Foundation · Accounting · RTP · January 2025
The following are the details of material inventory bought and used by manufacturing company: Date Particulars Unit and Rate 1.10.24 Balance opening inventory NIL 1.10.24 Material bought 200 unit, 60 per unit 2.10.24 Issued for use 100 unit 3.10.24 Material bought 400 unit, 80 per unit 4.10.24 Issued for use 200 unit 7.10.24 Issued for use 200 unit You are required to calculate the value of inventory material as on 7.10.24 by applying weighted average method.
Suggested Answer and Working Notes:
Calculation of value of inventory as on 7.1.2024 of manufacturing company. Date Receipts Issue Balance Units Rate Amount (₹) Rate Amount Units Rate Amount (₹) 1.10.24 Balance Nil 1.10.24 200 60 12,000 200 60 12,000 2.10.24 100 6000 100 60 6,000 3.10.24 400 80 32,000 500 76 38,000 4.10.24 200 15200 300 76 22,800 7.10.24 200 15200 100 76 7,600 The value of100 units of inventory as on 7.10.247,600
Topics: Inventories
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