Inventory Journal Entry
Can anyone please educate me on the journal entry that will be posted in the following cases:-
The Qnty & rate while making the PO is 100kgs @ Rs.10/kg . I receive the goods (all 100 kgs) @ Rs 10/kg & posted a GR. Now, before posting the IR, the Vendor says that, the price has now been revised to Rs.11/kg & the management of your company agrees that the Vendor would be paid @ revised price.
What would be the journal entries in the following situations:-
a) All 100 kgs are still in stock.
b) 50 kgs are already issued to production.
c) All 100 kgs are issued to production.
I would be really grateful, if someone can reply to this query.