Accounting standard - 2

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Querist : Anonymous

Querist : Anonymous (Querist)

14 December 2012 X Ltd Purchase 1000 unites of a material @ Rs 100 (Including Rs 10 excise duty for which company already avail Cenvat Credit). Cost bear by Company for Freight Inward is Rs 2000. There is a normal loss of 5 % during Transportation.
Calculate cost of Inventory per unit according to AS-2.

Plz help!!!!

CA Hiren Thakkar

CA Hiren Thakkar (Expert)
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14 December 2012 Cost of Inventory Rs 92000 (1000*90)+2000
Cost per Unit = 92000/950
= Rs 96.84/unit

Hope it is clear...

Message likes : 1 times

Querist : Anonymous

Querist : Anonymous (Querist)

14 December 2012 just because of your answer now i m going to Add 4 marks.

Thanks alot.
This quesion is come in ICWA Exam dt 10.12.12 of Financial Accounting.

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