EPFO APFC • General Studies • 2016 • Q.69
Accountancy & AuditingMedium
Data regarding inventory of a particular item of usage in the production activities of an organization are: the quantity in stock is 1500 units and the value of this stock is ₹1,27,500. (This works out to an average unit cost of ₹85.) During the ensuing year X, an additional 300 units are purchased at a unit cost of ₹95. Consumption in production processes during the year X has been 600 units. Working by the First-In-First-Out basis, the value of the residual inventory of the item at the end of the year X will be
Syllabus Connection
Principles of Accountancy: Accounting concepts & conventions, double-entry bookkeeping, journal, ledger, trial balance, depreciation, final accounts preparation (trading, P&L, balance sheet), company accounts & share capital, Accounting Standards (AS & Ind AS). (APFC)
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