Please Help: as 2
Posted Date : 30-Sep-2011 , 07:00:12 pm | Posted By: Anu Jain
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sony pharma ordered 12000kg of certain material at RS 80 per unit. The purchase price includes excise duty RS 4 per kg in respect of which full cenvat credit is admissible. Freight incurred amounted to RS 77400. Normal transit loss is 3%. The co actually received 11600 kg and consumed 10100 kg of material. Compute cost of inventory under as 2 and abnormal loss.
Am I right or nt
( Ans : cost of raw material – 12000*76(80-4) = RS 912000 + freight incurred RS 77400 = RS 989400.
Units 12000*97% = 11640unit, closing stock = 1500 units*85=RS 127500, abnormal loss= 40 units*85 =RS 3400
Value of raw material p.u – 989400/11640 = RS 85 p.u.)
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Answers:
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 Answer by: Ashish Karundia |
| Dear Anu,
Your understanding is correct. The value of closing stock is Rs. 127,500 only. Further, the value of abnormal loss is Rs. 3,400.
Kudos for the same. Keep doing the same way.....Try to solve all the queries in the same way....KUDOS
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