Hallow Friends,
Pl. tell the procedure and calucation formula for valuation for closing finished stock and work in progress.
thanks
Ram Kishan
3 Replies
vaibhav
(CA & CS)
(577 Points)
Replied 16 November 2008
As Per AS 2 issued by ICAI Closing Stock has to valued at FIFO or on Weighted average. LIFO is not recomended.
Ram Avtar Singh
(Nagari Sultanpur U.P.Delhi)
(14497 Points)
Replied 16 November 2008
Please see this link
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