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In this I think fifo and lifo amounts are given wrong

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Prasanth kumar Kamisetty

Prasanth kumar Kamisetty

CA Foundation

11K+

30-Sep-20 20:16

21

Answers (9)

The amounts given are not inventory movement but of closing stock - they are correct


Sriram Somayajula

Sriram Somayajula

Admin

30-Sep-20 20:20

The amounts given are not inventory movement but of closing stock - they are correct

Closing stock amount given under lifo should be given under fifo and vice versa that is what i think


Prasanth kumar Kamisetty

Prasanth kumar Kamisetty

CA Foundation

11K+

30-Sep-20 21:01

Closing stock amount given under lifo should be given under fifo and vice versa that is what i think

Well, unfortunately you are incorrect. Closing stock figures are correct.


Sriram Somayajula

Sriram Somayajula

Admin

01-Oct-20 08:55

Well, unfortunately you are incorrect. Closing stock figures are correct.

If closing stock figures are correct where I did wrong


Prasanth kumar Kamisetty

Prasanth kumar Kamisetty

CA Foundation

11K+

01-Oct-20 09:00

Closing stock amount given under lifo should be given under fifo and vice versa that is what i think

Even explain this


Prasanth kumar Kamisetty

Prasanth kumar Kamisetty

CA Foundation

11K+

01-Oct-20 09:01

FIFO - issue will happen from earlier receipt. SO. you will issue 500 units @ 50 and you will be left with 500 units @60 LIFO - issue will happen from last receipt. So you will issue 500 units @ 60 and will be left with 500 @50


Suraj Lakhotia

Suraj Lakhotia

Admin

01-Oct-20 09:05

Well, unfortunately you are incorrect. Closing stock figures are correct.

Say where did I do wrong


Prasanth kumar Kamisetty

Prasanth kumar Kamisetty

CA Foundation

11K+

01-Oct-20 09:18

Say where did I do wrong

By mistake I posted this doubt


Prasanth kumar Kamisetty

Prasanth kumar Kamisetty

CA Foundation

11K+

01-Oct-20 14:08

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