Costing MCQs

The value of opening stock as on 1^stJanuary 2003 was Rs. 7,000 stock of Rs. 23,000 in January were purchased. COGS was Rs. 21,000. What was the value of closing stock as on 31^st January, 2003?

Match the items of List-I with those of List-II and indicate the correct answer

List-I	List-II
a. Acid test ratio	1. Profitability analysis
b. Debt service coverage ratio	2. Activity analysis
c. Debt equity ratio	3. Liquidity analysis
d. Stock turnover ratio	4. Long-term solvency analysis

Assertion (A) Cash flow statement as per the financial statements as well is incapable in revealing the overall financial position of a firm.
Reason (R) Cash is an important constituent of the working capital based on the recorded facts only.

"For the financial year ended as on March 31, 20XX the figures extracted from the balance sheet of Xerox Limited as under:
Opening Stock Rs 29,000; Purchases Rs 2,42,000; Sales Rs 3,20,000; Gross Profit 25% of Sales.
Stock Turnover Ratio will be" :-

"Calculate Re-order level from the following:
Consumption per week: 100-200 units
Delivery period: 14-28 days"

Statement (A): It is necessary to tally current costs with current income in order to find out the correct profit.
Reason (R): LIFO ensures matching of current costs with current income.

If the present cost of the car is Rs. 1,00,000 residual value at the end of the 5^th year is Rs. 20,000, the monthly depreciation is . . . . . . . .

"Calculate re-order level from the following:
Safety stock: 1000 units
Consumption per week: 500 units
It takes 12 weeks to reach material from the date of ordering"

At what value is the closing stock valued
Or
Stock is valued on