TOUPI has calculated its closing inventory for year ended 31 July 2018 at 56,900. Included...
70.2K
Verified Solution
Link Copied!
Question
Accounting
TOUPI has calculated its closing inventory for year ended 31 July 2018 at 56,900. Included in this figure is a batch of 30 items of raw material carried at the cost price 1,000 each. These items have declined in value, and could be sold for a maximum of 28,500 at 31 July 2018. However, TOUPI plans to incorporate these items into finished goods and it expects these to generate a profit of 6,800. What is the correct figure for closing inventory at 31 July 2018 according to IAS 2 - Inventory?
Answer & Explanation
Solved by verified expert
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
