PRC-1 · Chapter 7 · Question 28 of 100
A business has 200 units of stock. The units cost Rs. 22 each. What is the value of the closing stock?
Test yourself: pick an answer
Reveal answer & explanation
Correct answer: C) Rs. 4,400
Explanation
200 units x Rs. 22 per unit = Rs. 4,400.
More IAS 2: Inventories MCQs
- Q30Which inventory valuation method assumes that the items of inventory that were purchased or produced first are sold first?
- Q31Which of the following is NOT a disclosure requirement specified in IAS 2?
- Q32Under a periodic inventory system, how is the 'Cost of Sales' figure derived at the end of the accounting period?
- Q33Which of the following scenarios REQUIRES the use of the 'Specific Identification' cost formula under IAS 2?
- Q34If the circumstances that previously caused inventory to be written down below cost no longer exist, and the NRV has increased, what is…